Intel board confirms Paul Otellini as CEO

Barrett will become chairman of the board, while Andy Grove won't serve on the board any more, but will remain as a senior advisor.

The change in succession will happen at the next annual shareholder meetin on May 18th 2005.

Grove said that Paul Otellini's vitality and knowledge of Intel products and customers along with Barrett's status as an "industry leader" will make an outstanding pair to run the corporation.

Paul Otellini joined Intel in 1974 and has held a number of positions including GM of the chipset business, an assistant to Andy Grove, and in 1990 was appointed to run Intel's microprocessor business as general manager.

The appointment isn't a surprise - Otellini was widely seen as the successor to Barrett after he was appointed to the position of president and chief operating officer of Intel in 2002, at which time he also joined the board of directors. µ