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Intel CEO Paul Otellini surprised many in the technology industry, as well as the members of his own board, by announcing that he will retire this coming May. Previously, Otellini had been expected to remain in his position for three more years.
Jeremy C. Owens from The San Jose Mercury News reported, "Intel (INTC) announced Monday morning that CEO Paul Otellini would step down in May, three years before reaching the age at which leaders of the world's top chipmaker traditionally retire. Otellini has led the Santa Clara company since 2005, delivering increasing financial results but only recently beginning to move into mobile devices. Intel CEOs typically step down when they hit the mandatory retirement age of 65, with a successor named before the CEO departs; however, Otellini just turned 62 on Oct. 12, and decided to leave on his own accord."
According to The Wall Street Journal's Don Clark, "Mr. Otellini surprised the board with his decision to retire, a person familiar with the situation said, concluding it was time for fresh leadership at the company. 'The decision to retire was entirely Paul Otellini's,' said Paul Bergevin, an Intel spokesman, who said the board accepted the decision 'with regret.'"
The Associated Press noted, "Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini."
CNET's Lance Whitney recalled, "Otellini raised eyebrows a couple of months ago over negative comments about Windows 8 reportedly made in an internal meeting. In September, the CEO said that the new OS still wasn't fully developed and was being released before it was ready. But he called it the right move if Microsoft and PC makers were to compete against Apple over the crucial holiday season. The chief exec later tried to smooth over any feathers ruffled at Microsoft by publicly declaring Windows 8 'one of the best things that's ever happened to our company.'"