A longtime veteran of one of technology’s most iconic companies has announced plans to retire in six months.
On Monday, representatives for Intel confirmed that its longtime president and CEO, Paul Otellini, will retire as an officer and director of the company.
His last official day on the job will come sometime in May. Notwithstanding the fact that Otellini will be stepping down at a time of his choosing, many close to the company – including no shortage of shareholders – will miss the man who helped sheer the corporate legacy of Intel during the last four decades.
By all accounts, Otellini’s tenure as CEO was a successful one. Between 2005 and 2011, he contributed to the grow Intel’s annual revenue from $38.8 billion to $54 billion.
“I’ve been privileged to lead one of the world’s greatest companies,” Otellini said, adding that he will remain an advisor to management after his formal departure. “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.”
One of Otellini’s last remaining challenges with the company will be to participate in the selection process of his successor.