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News Summary: Intel CEO to retire early

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The Associated Press | November 19, 2012 04:13 PM EST | AP


EARLY RETIREMENT: Intel CEO Paul Otellini plans to retire in May. The decision announced Monday surprised Intel's board, which had been expecting Otellini to remain CEO until he turned 65 in 2015.

SUCCESSOR SEARCH: Otellini will consult with the board as Intel considers internal and external candidates to run the world's largest maker of microprocessors. Intel Corp. has always promoted its CEOs from within the company during its 45-year history.

MARKET UPHEAVAL: Although the company remains highly profitable, Intel has been hurt by a shift to mobile devices that undercut demand for its chips that power personal computers.