Change of power at Intel

Santa Clara (CA) - Intel today announced that its board of directors has elected Paul Otellini, currently president and chief operating officer (COO), as its next chief executive officer (CEO). Otellini will succeed Craig R. Barrett.

Barrett, 65, will succeed Andrew S. Grove, 68, as chairman of the Intel board of directors. Grove, who co-founded Intel, 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.

Otellini, 54, joined Intel in 1974 and has served as president and COO since January 2002. He was elected to the board of directors in 2002. Barrett joined Intel in 1974 and has served as CEO since 1998.