Intel CEO Craig Barrett will turn 65 later this month, officially starting the countdown to the day next spring when he steps down from the top spot at the worlds largest chip-making company.
In all likelihood, Paul Otellini, current president and chief operating officer, will replace Barrett, becoming the fifth CEO at Intel Corp. and continuing a tradition of bringing up leaders from within the companys ranks.
Barrett started with the company in 1974, taking over as president in 1997 and as CEO in 1998. Likewise, Otellini joined Intel the same year, taking over as president in January 2002.
“There is a lot of time spent at the company in the succession planning and grooming of future leaders here,” Intel spokesman Thomas Beermann said.
The policy of the companys board of director states that the CEO must step down by the next annual shareholders meeting following their 65th birthday, Beermann said. That meeting will take place in early May 2005, he said.
“The board ultimately will have to decide who the next CEO will be,” he said.
While Otellini is widely expected to be that pick, nothing will be official until the vote.