Intel CEO Paul Otellini to retire in surprise move - 13 WTHR Indianapolis

News that Intel CEO Paul Otellini is retiring in May didn't seem to impress investors in Monday's session.

Intel shares ended little changed. And that was on a day when the market chalked up big gains, with the tech-dominated Nasdaq composite rising more than 2 percent.

The announcement means the world's largest maker of microprocessors has six months to find a new leader as it seeks to do a better job embracing the consumer shift toward mobile devices that has reduced demand for Intel computer chips.

Otellini's decision caught the board by surprise because Intel has typically had CEOs step down when they turn 65. Otellini is a bit younger at 62.

A spokesman says the decision was entirely Otellini's, meaning that he wasn't forced out.

Otellini will be ending a nearly 40-year career with Intel, including an eight-year stint as CEO. He joined the Santa Clara, Calif. company after graduating from the nearby University of California at Berkeley and worked his way up the ranks before succeeding Craig Barrett as CEO in 2005.

Intel's board plans to consider candidates inside and outside the company as it searches for Otellini's successor. Otellini will be involved in the search.

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