Intel Corp.'s board of directors Thursday elected current president and chief operating officer (COO) Paul Otellini as the company's next chief executive officer (CEO), succeeding Craig Barrett who was named new chairman of the board.
The changes will become effective at the company's next stockholders meeting, slated for May 18, 2005.
Barrett will replace Andrew Grove as chairman and Grove will assume the role of senior advisor to the board and senior management, Intel said. He will no longer serve on the board.
Otellini and Barrett are the right team to lead Intel, Grove said in a statement released Thursday, adding that he is looking forward to his new advisory role.
Otellini has been with the Santa Clara, California, chip maker since 1974, holding a variety of positions. He was elected company president and COO in January 2002. Barrett also joined Intel in 1974 and has served as CEO since 1998.