Intel CEO Paul Otellini to retire
Paul Otellini is to leave his position as CEO of Intel, 39 years after he first joined the company.
The chief executive of the technology giant will depart after the next annual meeting with the shareholders of the company, with the process to find his replacement already underway and expected to last at least six months. It is not yet known if an internal or external candidate will take the position, with Intel declaring that all would be considered.
In the meantime, Intel has promoted three employees to act as executive vice presidents. These are Renee James, head of software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.
An Intel statement thanked Otellini for his "innumerable contributions to the company" and commented he had been an extremely strong leader at a difficult financial time. Otellini himself remarked that he had been "privileged to lead one of the world's greatest companies" and wished luck to the "new generation" of leadership.
All change at the top
This announcement from Intel is the latest of a number of high profile changes at the top of major companies, as Scott Forstall and retail head John Browett departed Apple and Steve Sinofsky's departure from Microsoft Windows.
Kleon West, business development manager at theEword commented: "It seems that huge companies such as Intel, Apple and Microsoft feel they need to move with the times and make changes at the top. It will be interesting to see how these companies progress after these developments and whether they can keep a strong grip on their positions at the top of the market."