19 November 2012 Last updated at 10:45 ET

Intel chief executive Paul Otellini to retire

Mr Otellini joined Intel in 1974

Intel has announced that its chief executive Paul Otellini is going to retire from the company.

Mr Otellini had been with the business, which is the world's biggest maker of microprocessors, for almost 40 years and has been chief executive for the past eight years.

He will step down after the chip company's annual shareholders' meeting in May next year.

Mr Otellini was the fifth chief executive in Intel's 45-year history.

"I've been privileged to lead one of the world's greatest companies," he said in a statement.

"After almost four decades with the company and eight years as CEO, it's time to move on and transfer Intel's helm to a new generation of leadership."

The company will now begin the process of looking for his successor.