Industryweek 3227 Intel Ceo Promo

Intel CEO Otellini to Retire in May

Nov. 19, 2012
Since Otellini took over as CEO in 2005, it generated cash from operations of $107 billion and annual revenue grew from $38.8 billion to $54 billion.

Computer chip giant Intel Corp. (IW 500/26) announced Monday that chief executive Paul Otellini would retire in May, and that a search for a new CEO was underway.

"The board of directors will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job," the company said.

"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 $107 billion and annual revenue grew from $38.8 billion to $54 billion.

But the world's largest chipmaker has been hit recently by a shift away from traditional PCs to mobile devices, and by a sluggish global economy.

The semiconductor maker said last month third quarter profits fell 14% from the same period a year ago to $2.97 billion on revenues of $13.5 billion, down 5%, and cited "a continuing tough economic environment."

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 CEO in the company's great 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 innumerable contributions to the company and his distinguished tenure as CEO 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.

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

Navigating Disruption: A Leader’s Guide to Strategy Under Uncertainty

Nov. 1, 2023
AI, sustainability, digital--industrials are facing disruptive forces that are redefining what it takes to win. What got your company where it is today won’t get you where you...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!