Intel chief executive Paul Otellini to retire in May 2013

Last Updated: Tue, Nov 20, 2012 05:10 hrs

Intel has announced that the firm's chief executive Paul Otellini is going to retire after working for nearly 40 years with the chip making company.

Otellini will step down after the chip company's annual shareholders' meeting in May next year.

He was the fifth chief executive in Intel's 45-year history, the BBC reports.

"I've been privileged to lead one of the world's greatest companies," Otellini said in a statement.

"After almost four decades with the company and eight years as CEO, it's time to move on and transfer Intel's helm to a new generation of leadership," he added.

According to the report, Intel, which is the world's biggest maker of microprocessors, now begin the process of looking for his successor. (ANI)

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