Intel’s CEO for the past eight years, Paul Otellini has announced that he will be retiring from the chip-maker in May next year, bringing to a close nearly four decades of working with the company.

Otellini said in a statement “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.”

Intel’s board of directors has said that they will be looking for a replacement both internally and externally, a process that may take up to 6 months to complete. Intel’s announcement shows that Otellini’s successor will have some rather large shoes to fill as the company experienced several impressive milestones with him at the helm.

The retirement announcement also revealed that three senior members of the company have been promoted to executive vice president positions. 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 have all been promoted by Intel’s board.

Source: The Guardian