President and Chief Executive Officer (CEO), Paul Otellini
, is calling it quits, though he isn't stepping down from the world's largest chip maker immediately. Instead, he'll work through the holiday season and into the second quarter of 2013 before retiring in May, Intel announced today.
"Paul Otellini has been a very strong leader, only the fifth CEO in the company’s great 45-year history, and one who has managed the company through challenging times and market transitions," said Andy Bryant, chairman of the board. "The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years."
Otellini didn't indicate what prompted his decision to retire, saying only that "it's time to move on and transfer Intel's helm to a new generation of leadership."
Expectations will run high for the person Intel ultimately chooses to replace Otellini. Under Otellini's leadership from the second quarter of 2005 through the third quarter of 2012, Intel has generated $107 billion in cash, made $23.5 billion in dividend payments, and increased the quarterly dividend 181 percent from $0.08 to $0.225. Intel also reported record revenue
and net income at various points of Otellini's career.
His replacement will also have to deal with a market that appears to be moving away from traditional PCs
and towards mobile devices like tablets and smartphones. In more ways than one, Intel is entering an entirely new era.