Intel CEO Otellini to Step Down iIn May

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    Chipmaker Intel Corp said on Monday that its chief executive Paul Otellini would retire in May at its annual shareholder meeting, according to NBC News.

    The 62-year-old Otellini was the fifth CEO of the company, stepping into the post in the second quarter of 2005.

    Intel's board of directors said it would consider internal and external candidates to be the next CEO. It said in a statement that it expected its "leadership transition" would last six months.

    "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. I look forward to working with Andy, the board and the management team during the six-month transition period, and to being available as an advisor to management after retiring as CEO," Otellini said in a statement.