Digital news

Africa

International

Digital news

Intel to seek new CEO, Otellini to retire in May

20 Nov 2012 12:50
SAN FRANCISCO: Computer chip giant Intel Corp. announced on Monday, 19 November 2012, that chief executive Paul Otellini would retire in May, and that a search for a new CEO was underway.
"The board of directors will conduct the process to choose Otellini's successor and will consider internal and external candidates for the job," said a statement from the Santa Clara, California tech giant.

"Otellini's decision to retire will bring to a close a remarkable career of nearly 40 years of continuous service to the company and its stockholders."

The company said that since Otellini took over as CEO in 2005, it generated cash from operations of $107 billion and annual revenue grew from $38.8 billion to $54 billion.

But the world's largest chipmaker has been hit recently by a shift away from traditional PCs to mobile devices, and by a sluggish global economy.

The semiconductor maker said last month third quarter profits fell 14 percent from the same period a year ago to $2.97 billion on revenues of $13.5 billion, down five percent, and cited "a continuing tough economic environment."

Intel remains the dominant chipmaker in the PC market but has been catching up in the field of mobile devices including smartphones and tablets. "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," said Andy Bryant, chairman of the board, in a statement announcing Otellini's plans.

"The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years." Intel also said the board has approved the promotion of three senior leaders to the position of 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.

Source: AFP


SOURCE

I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
    
 
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.

News