President and CEO of Intel Paul Otellini holds a new Intel product while delivering the keynote address at the 2012 International Consumer Electronics Show at The Venitian on January 10, 2012 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 13 and is expected to feature 2,700 exhibitors showing off their latest products and services to about 140,000 attendees. (Photo by Kevork Djansezian/Getty Images)
SANTA CLARA, Calif. (AP) - Intel says its CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company.
Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has been head of the world's largest chip-maker for eight years.
Intel says it has also promoted three executives to executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.
The Santa Clara, Calif., company's shares are up 16 cents at $20.35 in premarket trading Monday.
(Copyright 2012 The Associated Press. All rights reserved.)