Intel boss Otellini takes his leave after 40-year stretch

City A.M. Reporter
INTEL said yesterday that chief executive Paul Otellini will retire in May after 40 years at the company, as the chipmaker copes with weak PC demand and an industry shift to mobile computing.

Intel said it would consider both internal and external candidates for the position and that the “leadership transition” will last six months. Otellini is leaving ahead of Intel’s mandatory retiring age for its chief executives. The firm, whose processors are dominant in personal computers, has been slow to expand into the fast-growing mobile industry, where Apple’s iPads and iPhones and other popular mobile devices use competing technology from Cambridge-based ARM Holdings.

“I’ve been privileged to lead one of the world’s greatest companies,” Otellini said.

“It’s time to move on and transfer Intel’s helm to a new generation of leadership.”