Intel's CEO Paul Otellini to Step Down in May After 40 Years of Service
posted Sunday Nov 25, 2012 by Nicholas DiMeo
Intel held a conference this week to inform us that the company's CEO, Paul Otellini, is hanging up the work boots after almost 40 consecutive years of leading the processing company into the future. Otellini, being the extremely gracious and nice guy he is has given the company six months to find his replacement as he will be departing in May 2013. The next CEO has a large role to fill as he or she would be the sixth CEO since Intel incorporated 45 years ago.
Andy Bryant, Intel's chairman of the board, spoke highly of Otellini and said in a statement,
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. The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.
On his departure, Otellini seemed thankful for his long tenure but said that he felt he's done all he could do for Intel and it was time for someone else to lead the company.
I've been privileged to lead one of the world's greatest companies. 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 adviser to management after retiring as CEO.
Intel said that the board of directors will be handling the hiring process and will be looking both internally and externally to find his successor. The company also noted some of the successes they've had under Otellini's reign, including a net worth of $100 billion over seven years, achieving record revenue and net income, reinventing the Ultrabook, delivering the first smartphones for sale with Intel inside and more.
With Otellini making his way out, and PC sales struggling as the market is (temporarily or permanently) shifting to mobile, can the next CEO keep pace with competitors? Who would you like to see fill this position? Let us know in the comments below.
