Intel has chosen its chief operating officer, Brian Krzanich, to become its new CEO.
Intel said its CEO, Paul Otellini, planned to retire in May after nearly 40 years with the company.
Intel Corp. CEO Paul Otellini received a 2010 pay package worth $15.5 million, up 8 percent from 2009.
President Barack Obama named Intel CEO Paul Otellini to lead a new advisory council on promoting economic growth and job creation.
San Jose Mayor Chuck Reed said the president’s next stop exemplifies what’s gone wrong in California and is suggesting the state needs to be more business friendly.
Intel, the big chip maker, said Friday that it will raise its dividend by 15 percent, providing welcome a note of optimism after network gear maker Cisco Systems Inc. helped drive stocks lower this week with a disappointing sales forecast.