Intel Corp the world's largest computer chipmaker, on Thursday said Chief Executive Craig Barrett plans to step aside and be replaced by President Paul Otellini, in a long-planned move. In a statement, the company said Barrett, 65, will take over as chairman, replacing Andy Grove, the company's previous CEO, all as part of a previously telegraphed succession plan.
The changes are to become effective at the next annual meeting, scheduled for May 18.
Grove, 68, will no longer serve on the Intel board but will assume the role of senior adviser to the board and senior management, the company said.
Barrett, who joined Intel in 1974, is credited with building Intel into the high-tech industry's unparalleled manufacturing powerhouse.
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