Intel Corp’s press release, verbatim:

Intel Corporation today announced that the company’s president and CEO, Paul Otellini, has decided to retire as an officer and director at the company’s annual stockholders’ meeting in May, starting an orderly leadership transition over the next six months. 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.

“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. “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.”

“I’ve been privileged to lead one of the world’s greatest companies,” Otellini said. “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.”

The board of directors will conduct the process to choose Otellini’s successor and will consider internal and external candidates for the job.

In addition, the company also announced that 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.

Steve Jobs and Paul Otellini, January 10. 2006 (photo credit: AP/Paul Sakuma)

Steve Jobs and Paul Otellini, January 10. 2006 (photo credit: AP/Paul Sakuma)

During Otellini’s tenure as CEO — from the second quarter of 2005 through the third quarter of 2012 — Intel:
• Generated cash from operations of $107 billion
• Made $23.5 billion in dividend payments
• Increased the quarterly dividend 181 percent from $0.08 to $0.225

From the end of 2005 through the end of 2011, Intel achieved record revenue and net income. During this period, annual revenue grew from $38.8 billion to $54 billion, while annual earnings-per-share grew from $1.40 to $2.39.

In addition to financial performance, Intel, under Otellini’s leadership, achieved notable successes in areas of strategic importance. During this period, the company:
• Transformed operations and the cost structure for long-term growth
• Achieved breakthrough innovations, including High-K/Metal gate and now 3-D Tri-gate transistors; and dramatic improvement in energy efficiency of Intel processors
• Reinvented the PC with Ultrabook™ devices
• Greatly expanded business partnerships and made strategic acquisitions that expanded Intel’s presence in security, software and mobile communications
• Delivered the first smartphones and tablets for sale with Intel inside
• Grew the vast network of cloud-based computing built on Intel products

Source: Intel Corporation

MacDailyNews Take: “Reinvented the PC with Ultrabook™ devices.” Pfft. “Tried and failed to knock off Apple’s MacBook Air®” is more like it.

Paul’s getting out while the getting is good. Off-the-shelf processors are destined for bottom-of-the-barrel hardware assemblers. Custom, highly-efficient SoCs for mobile devices is where the future lies.

Boy, did we love it when Steve Jobs made Paul wear the bunny suit!

Related articles:
What Apple dumping Intel could mean – November 8, 2012
Apple exploring switch from Intel processors for Macintosh, say sources – November 5, 2012
iPad 4 graphics upgrade a serious horsepower increase; Apple’s A6X is one massive processing machine – November 2, 2012
Benchmarks: Apple iPad 4′s A6X beats all comers in GPU performance – November 2, 2012
Apple’s powerful A6 a unique CPU design that’s never been seen before – October 8, 2012
Analysis of Apple A6 core reveals exquisite, optimized custom layout done by hand – September 26, 2012
Apple A6 die reveals 3-core GPU – September 21, 2012
iPhone 5′s A6 SoC SunSpider performance fastest ever recorded on a smartphone – September 19, 2012
Apple’s custom A6 processor the result of years of effort, including a $500 million chip development program – September 18, 2012
A6 is Apple’s first with custom-designed CPU cores; iPhone 5 memory size and speed revealed – September 16, 2012