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Intel CEO to step down

Posted: 20 Nov 2012     Print Version  Bookmark and Share

Keywords:step down  CEO  Paul Otellini 

Intel Corp. announced that CEO Paul Otellini will retire in May 2013. Otellini has decided to retire as CEO and director at the company's annual stockholders' meeting in May. Otellini has worked for Intel for nearly 40 years and served as CEO for the last eight years.

Intel said it will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job.

"Paul Otellini has been a very strong leader, only the fifth CEO in the company's great 45-year history, and one who has managed the company through challenging times and market transitions," said Andy Bryant, chairman of the board.

Otellini added, "After almost four decades with the company and eight years as CEO, it's time to move on and transfer Intel's helm to a new generation of leadership. I look forward to working with Andy, the board and the management team during the six-month transition period, and to being available as an advisor to management after retiring as CEO."

In addition, the company also announced the promotion of three senior leaders to the position of executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

During Otellini's tenure as CEO, Intel said it generated Rs.5.66 lakh crore ($107 billion) cash from operations and made Rs.1.24 lakh crore ($23.5 billion) in dividend payments. From the end of 2005 through the end of 2011, Intel achieved record revenue and net income. During this period, annual revenue grew from $38.8 billion to Rs.2.86 lakh crore ($54 billion), while annual earnings-per-share grew from Rs.74.07 ($1.40 ) to Rs.126.46 ($2.39).

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