Intel CEO Paul Otellini announces May 2013 retirement date
The 62 year old President and CEO of Intel, Paul Otellini, announced on Monday (19 November 2012) that he plans to retire from his post by May 2013. The 6 month period between this announcement and his actual retirement has been classed as a "leadership transition" so that the company can avoid any kind of management crisis and find someone suitable as Otellini's replacement.
Otellini has been with Intel since 1974 and became CEO in 2005. He has overseen Intel's creation of the ultrabook archetype and controversially managed huge cuts in the company's workforce when 10,500 employees were laid off in 2006.
Applications for the post will be taken internally and externally, with some speculating that Intel might concentrate on external candidates who could successfully steer the chip making company firmly into the mobile processing market. Intel has enjoyed unrivalled success with PCs but has been lagging behind competitors such as Samsung, Qualcomm and ARM in the smartphone and tablet processor sector. Considering the global shift towards on-the-go computing, Intel will likely be wanting someone who already has considerable knowledge and experience in this evolving field. Otellini's announcement did not seem to affect Intel's value; shares on the NASDAQ actually rose for the day to close at $20.25 (up 0.06 / 0.3%).