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News Summary: Intel CEO to retire early
Monday - 11/19/2012, 4:00pm EST
(AP) - EARLY RETIREMENT: Intel CEO Paul Otellini plans to retire in May. The decision announced Monday surprised Intel's board, which had been expecting Otellini to remain CEO until he turned 65 in 2015.
SUCCESSOR SEARCH: Otellini will consult with the board as Intel considers internal and external candidates to run the world's largest maker of microprocessors. Intel Corp. has always promoted its CEOs from within the company during its 45-year history.
MARKET UPHEAVAL: Although the company remains highly profitable, Intel has been hurt by a shift to mobile devices that undercut demand for its chips that power personal computers.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)