Intel on hunt for new CEO as Paul Otellini plans exit
After four decades at Intel, Otellini announces plans to step down in May next year
Intel is gearing up to look for a new leader as incumbent Paul Otellini (pictured) revealed he is to step down in May.
The company has a six-month transition period to find a new chief executive.
Otellini, 62, is the company's fifth chief exectuve in its 44-year history, and the decision to step down was a personal one after four decades at the chip giant.
Andy Bryant, chairman of the Intel board, said: "Paul Otellini has been a very strong leader 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."
In a statement Otellini said: "I've been privileged to lead one of the world's greatest companies. After almost four decades with the company and eight as CEO, it is 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.”
Some key achievements during Otellini's tenure as CEO:
- Intel generated cash from operations of $107bn
- Made $23.5bn in dividend payments
- Increased the quarterly dividend 181 per cent from $0.08 to $0.225
- From the end of 2005 through to the end of 2011, Intel achieved record revenue and net income. During this period, annual revenue grew from $38.8bn to $54bn while annual earnings-per-share grew from $1.40 to $2.39