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Intel CEO Paul Otellini to retire in May

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November 19, 2012 09:18 AM EST | AP


SANTA CLARA, Calif. — Intel says its CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company.

Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has been head of the world's largest chip-maker for eight years.

Intel says it has also promoted three executives to 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.

The Santa Clara, Calif., company's shares are up 16 cents at $20.35 in premarket trading Monday.