Intel Shakes Up Management Team after Reporting Record Revenue
It was a record year for Intel, not just in terms of full-year revenue, but also operating income ($17.5 billion), net income ($12.9 billion), and EPS ($2.39). Intel generated about $21 billion in cash from operations, paid dividends of $4.1 billion, and used $14.1 billion repurchase 642 million shares of stock.
"2011 was an exceptional year for Intel," said Paul Otellini, Intel president and CEO. "With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records. With a tremendous product and technology pipeline for 2012, we're excited about the global growth opportunities presented by Ultrabook systems, the data center, security and the introduction of Intel-powered smartphones and tablets."
When things are rolling as smoothly as they are for Intel, you might be inclined to leave well enough alone. But in a separate announcement, the chip giant outlined a number of executive promotions and rotations. Former vice chairman of the board Andy Bryant is being promoted to full-time executive chairman, a move that was announced at Intel's Annual Sotckholders' Meeting in May. But perhaps the biggest change is the promotion of Brian Krzanich to chief operating officer. Krzanich suddenly becomes a prime candidate to eventually replace Paul Otellini as CEO, a position that many assumed would go to executive vice president Sean Maloney before he suffered a stroke in 2010. Maloney is fully recovered at this point, but as The Wall Street Journal points out, he's had a lower public profile in the U.S. after serving as chairman of Intel's China operations.
There were many other changes made to Intel's executive team, which you can about in detail here.