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Intel CEO to retire in surprise move

  • FILE - In this Tuesday, Jan. 10, 2012, file photo Intel president and CEO Paul Otellini speaks during his keynote address at the 2012 International CES tradeshow, in Las Vegas. Intel says its CEO, Paul Otellini, plans to retire in May 2013 after nearly 40 years with the company. Intel's board will look at company executives as well as external candidates to replace Otellini, and on Monday promoted three executives to executive vice president. (AP Photo/Julie Jacobson, File)

SAN FRANCISCO — Intel CEO Paul Otellini is retiring in May, giving the world's largest maker of microprocessors six months to find a new leader as it tries to navigate a shaky economy and adapt to a shift toward mobile devices that has reduced demand for its computer chips.

Although Otellini's impending departure was announced Monday, he notified Intel Corp.'s board of his retirement plan last Wednesday. The decision caught the board by surprise because Intel's protocol typically calls for its CEOs to step down when they turn 65. Otellini is 62.

"The decision was entirely Paul's," said Intel spokesman Paul Bergevin. "The board accepted his decision with regret."

Otellini will be ending a nearly 40-year career with Intel, including an eight-year stint as CEO. He joined the Santa Clara, Calif. company after graduating from the nearby University of California at Berkeley and worked his way up the ranks before succeeding Craig Barrett as CEO in 2005.

Intel's board plans to consider candidates inside and outside the company as it searches for Otellini's successor. Otellini will be involved in the search.


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