In a surprise announcement Intel CEO Paul Otellini steps down from the company on May 2013, following "an orderly leadership transition over the next six months."
Otellini, 62, is just the 5th Intel CEO (after Robert Noyce, Gordon Moore, Andy Grove and Craig Barrett) and has a 40-year history with the 45-year old company. He is the man behind ultrabooks, as well as (admittedly none too successful) Intel attempts to take over part of a mobile processor market dominated by ARM-based designs.
“After almost 4 decades with the company and 8 years as CEO, it is time to move on and transfer Intel’s helm to a new generation of leadership," Otellini says. “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.”
The company names no successor to Otellini as yet, and the board considers both internal and external candidates for the job. For now, 3 senior execs get the title of executive VP-- Renee James (software business head), Brian Krzanch (CEO, head of worlwide manufacturing) and Stacy Smith (CFO, director of corporate strategy).