Intel CEO Paul Otellini will retire as an officer and director of the company in May, ending a four-decade career with the company.
Otellini is to retire during a stockholders meeting within six months, making sure the transition to a new CEO is conducted in an orderly manner, Intel said Monday.
"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.
Otellini has been a "very strong leader" who "has managed the company through challenging times and market transitions," said Andy Bryant, chairman of the board, in a statement. Otellini is the fifth CEO in Intel's 45 year existence.
A successor for Otellini will be sought by the board of directors, which will consider external and internal candidates to take over the helm of the chip manufacturer, Intel said.
During Otellini's leadership from the second quarter of 2005 through the third quarter of 2012, Intel achieved record revenue and net income. "During this period, annual revenue grew from $38.8 billion to $54 billion, while annual earnings-per-share grew from $1.40 to $2.39," Intel said.
The company also said that the board had 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.
"I've been privileged to lead one of the world's greatest companies," Otellini said in a statement. "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."