"The board of directors will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job," said a statement from the Santa Clara, California technology giant.
"Otellini's decision to retire will bring to a close a remarkable career of nearly 40 years of continuous service to the company and its stockholders."
The company said that since Otellini took over as CEO in 2005, it generated cash from operations of US$107bn and annual revenue grew from US$38.8bn to US$54bn.
But the world's largest chipmaker has been hit recently by a the sluggish global economy and a shift away from traditional personal computers to mobile devices.
The semiconductor maker said last month its third quarter profits fell 14% from the same period a year ago to US$2.97bn on revenues of US$13.5bn, down five percent, and cited "a continuing tough economic environment" for the decline,
Intel remains the dominant chipmaker in the PC market but has been catching up in the field of mobile devices including smartphones and tablets.
"Paul Otellini has been a very strong leader, only the fifth chief executive in the company's 45-year history and one who has managed the company through challenging times and market transitions," said Andy Bryant, chairman of the board, in a statement announcing Otellini's plans.
"The board is grateful for his contributions over the last eight years."
Intel also said the board has approved 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.
Source: AFP via I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
