Intel CEO Paul Otellini will retire in May after spending almost 40 years with the company, according to a statement by the company on Monday.
Otellini will step down in May, allowing enough time for the company’s board to look for a replacement, reports USA Today. The board plans to consider company executives as well as external candidates to fill their top position.
Intel is currently the world’s largest maker of microprocessors and is dealing with a consumer shift away from PCs and toward tablet computers.
This has been a threat to the company because most tablets do not use its processors. Instead, they choose to use cheaper chips that are similar to ones found in smartphones.
Along with the announcement that Intel CEO Paul Otellini will be retiring, the company also announced the promotion of three executives to the position of executive vice president.
Reuters notes that Otellini became the fifth CEO of the company after he stepped into the post during the second quarter of 2005. The 62-year-old oversees a company that enjoyed being king of the personal computer market, mostly because of its historic “Wintel” alliance with Microsoft.
While they still hold the title for the kind of PCs, they have just one percent of the smartphone market share, a fact that worries some investors, who think that Intel’s invincibility may be coming to an end.
Intel currently trails Qualcomm and Samsung Electronics in the global smartphone processor market, along with ARM Holdings and others. Shares of Intel’s stock climbed 14 cents to $18 on Monday morning, though it is not yet clear what affect Intel CEO Paul Otellini’s retirement will have on the company’s stock.