Intel CEO Paul Otellini to Retire in May 2013
Intel today announced that the companys president and CEO, Paul Otellini, has decided to retire as an officer and director at the companys annual stockholders meeting in May, starting an orderly leadership transition over the next six months. Otellinis 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 board of directors will conduct the process to choose Otellinis successor and will consider internal and external candidates for the job. Intel had a good run under Otellinis leadership with generated cash from operations of $107 billion during 2005 to 2012.
Ive been privileged to lead one of the worlds greatest companies, Otellini said. After almost four decades with the company and eight years as CEO, its time to move on and transfer Intels 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.
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