Intel CEO to retire in May
SAN FRANCISCO, Nov 19, 2012 (Xinhua via COMTEX) --
Intel announced on Monday
that Paul Otellini, its president and chief executive officer
(CEO) , has decided to retire at the company's annual
stockholders' meeting in May 2013, concluding his almost 40 years
of service for the chipmaking giant.
"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," Andy Bryant, chairman of the Intel board, said in a
"The board is grateful for his innumerable contributions to the
company and his distinguished tenure as CEO over the last eight
years," the statement added.
Otellini will start a leadership transition over the next six
months and will still be available as an adviser to management
after his retirement, according to a press release from Intel.
"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," the release quoted Otellini as saying.
Touting Otellini's achievements, Intel said that it has
generated 107 billion U.S. dollars in cash, with its annual
revenue rising to 54 billion dollars from 38.8 billion during
Otellini's tenure as CEO -- from the second quarter of 2005
through the third quarter of 2012.
After joining Intel in 1974, Otellini managed several of the
chipmaker's businesses, including its PC and server microprocessor
division, as well as global sales and marketing. During his tenure
as CEO, Intel introduced ultrabooks to the PC market, delivered
the first smartphones and tablets powered by Intel chips, and made
strategic acquisitions that expanded the company's presence in
security, software and mobile communications.
However, under Otellini's leadership, Intel has also
embarrassingly seen very limited success in mobile devices, as
Apple's popular iPhone and iPad, almost every Android device and
the Microsoft Surface tablet all use low-power ARM processors.
Meanwhile, customers like Google and Apple are designing their own
mobile and server processors.
"Intel's CEO of eight year is leaving the company amidst what
we see as difficult challenges for the company in the post-PC era,
" Auguste Gus Richard, an analyst from U.S. investment bank Piper
Jaffray, said on Monday.
Intel said in the release that its board of directors will
conduct the process to choose Otellini's successor and will
consider both internal and external candidates for the job.
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