SANTA CLARA, Calif., Nov. 11 (UPI) -- Intel Corp. of Santa Clara, Calif., Thursday named President and Chief Operating Officer Paul Otellini to replace Craig Barrett as chief executive.
The world's largest chip maker said Otellini will assume the role of CEO in May, when Barrett becomes Intel's chairman.
Barrett, 65, will succeed Intel co-founder Andrew Grove, 68, as chairman. Grove will step down from the board, retaining a role as a senior adviser to Intel's board and senior management.
Otellini, 54, joined Intel in 1974 and has served as president and chief operating officer since January 2002. He was elected to the board of directors in 2002.
Barrett joined Intel in 1974 and has served as CEO since 1998. He was elected to the board in 1992.
"I look forward to collaborating with Craig and Paul in my new role and helping Intel achieve new levels of success," Grove said. Grove co-founded Intel in 1968 with Robert Noyce and Gordon Moore.
The news comes just one day after Intel said it will reward shareholders by doubling its dividend and increasing its stock buyback program.
