Intel president and CEO, Paul Otellini, has decided to retire as an officer and director at the company’s annual stockholders’ meeting in May, starting an orderly leadership transition over the next six months. Mr. Otellini’s decision to retire will bring to a close a career of nearly 40 years of continuous service to the company and its stockholders.
Paul Otellini (CEO, Intel): I’ve been privileged to lead one of the world’s greatest companies. 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.
The board of directors will conduct the process to choose Mr. Otellini’s successor and will consider internal and external candidates for the job.
During Otellini’s tenure as CEO — from the second quarter of 2005 through the third quarter of 2012 — Intel:
- Generated cash from operations of $107 billion
- Made $23.5 billion in dividend payments
- Increased the quarterly dividend 181 percent from $0.08 to $0.225
From the end of 2005 through the end of 2011, Intel’s annual revenue grew from $38.8 billion to $54 billion, while annual earnings-per-share grew from $1.40 to $2.39.
Intel has also promoted 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.