Intel has just confirmed that their CEO, Paul Otellini will be retiring in May next year.

The company said in its statement, “The company’s president and CEO, Paul Otellini, has decided to retire as an officer and director at the company’s annual stockholders’ meeting in May, starting an orderly leadership transition over the next six months.”

Andy Bryant the chairman of board added the following with his own statement, “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.”

Paul has been the company’s CEO for nearly 40 continuous years of service to the company, during which time Intel has generated cash from its various operations in excess of $107 billion.

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