Barrett, 65, will succeed Andrew S. Grove as chairman of the Intel board of directors. Grove, 68, will no longer serve on the Intel board but will assume the role of senior advisor to the board and senior management. The changes will become effective at the time of the company's next annual stockholders' meeting May 18, 2005.
"Craig and Paul are the right team at the right time for Intel," said Grove. "We're exceptionally fortunate to have them at the helm.
"Having worked closely with Craig and Paul for over 30 years, I know that Paul's vitality and deep knowledge of Intel's products, customers and global markets, together with Craig's stature as an industry leader and pre-eminent technologist, make them outstanding choices to lead Intel and the board as the company drives its core silicon expertise further in computing and communications.
"I look forward to collaborating with Craig and Paul in my new role and helping Intel achieve new levels of success."
Otellini joined Intel in 1974 and has served as president and COO since January 2002. He was elected to the board of directors in 2002.
Since joining Intel, Otellini has held a number of positions, including general manager of the company's chipset business and later serving as an assistant to then-Intel president Andy Grove in 1989. In 1990 he was named to oversee Intel's microprocessor business as general manager, leading the introduction of the Intel Pentium(R) processor in 1993.
Otellini served from 1992 to 1998 as executive vice president of sales and marketing where he focused on extending Intel's global presence into emerging markets and initiated Intel's leadership in the development and use of e-Commerce for transacting business worldwide. From 1998 to 2002, Otellini served as executive vice president and general manager of the Intel Architecture Group, responsible for the company's microprocessor and chipset businesses and strategies. In this role, he oversaw all of Intel's business groups related to enterprise, mobile and desktop computing.
Otellini received a bachelor's degree in economics from the University of San Francisco in 1972, and an MBA from the University of California, Berkeley in 1974.
Barrett joined Intel in 1974 and has served as CEO since 1998. He was elected to the board of directors in 1992.
Intel, the world's largest chip maker, is also a leading manufacturer of computer, networking and communications products. Additional information about Intel is available at www.intel.com/pressroom.
Tom Beermann, 408-765-6855