CHIPMAKER Intel reportedly has hired executive search firm Spencer Stuart to find external candidates to replace CEO Paul Otellini.
Last year Intel announced that Otellini will step down from his post in May after what is widely judged to be a successful tenure at the top of the firm. While the firm is expected to promote an insider into the top job, Bloomberg reports that the chipmaker has hired executive search firm Spencer Stuart to find potential candidates to become Otellini's successor.
Intel said that it would look at both internal and external candidates to replace Otellini, however even Otellini thinks his replacement will come from within the firm. The company recently promoted a number of executives and has never installed a CEO from outside the firm.
Intel is not short of high quality internal candidates including Renee James, who leads the firm's software division, CFO Stacy Smith and COO Brian Krzanich, while Diane Bryant has successfully led the firm's server division for several years.
While Otellini's reign as CEO has been largely successful on the financial front, he hasn't been able to transition the company into the smartphone and tablet markets, instead building the company up as a formidable chip manufacturing powerhouse. His successor faces the challenges of not only moving the company away from desktop and laptop machines but alleviating Wall Street's short-term financial concerns about the billions it needs to spend to ensure that it has cutting edge process nodes.
Intel did not have any comment at press time. µ