Intel's Paul Otellini to retire in May

During Otellini's 7-yr tenure as CEO, Intel generated cash from operations of $107 bn

Paul Otellini, president and CEO of Intel Corporation has decided to retire as an officer and director at the company's annual stockholders' meeting in May, starting an orderly leadership transition over the next six months. 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.

"Paul Otellini has been a very strong leader, only the fifth CEO 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. "The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years."

"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 advisor to management after retiring as CEO," Otellini said.

The board of directors will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job. In addition, the company also announced that 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.

During Otellini's tenure as CEO -- from the second quarter of 2005 through the third quarter of 2012 -- Intel, generated cash from operations of $107 billion, made $23.5 billion in dividend payments and increased the quarterly dividend 181% from $0.08 to $0.225, said the company in a statement.