Ceo, Retirement | featured news

Chipmaker Intel just announced that CEO Paul Otellini, who has been on the job for eight years, will be retiring in May. People are going to wonder if Intel’s board is forcing Otellini out. They’ll point to Intel’s mandatory retirement age of 65. Otellini is only 62, and his predecessor Craig Barrett retired from the CEO job at 65 or 66. But apparently there’s no hard-and-fast rule at Intel. The legendary Andy Grove, the company’s third employee, served as its CEO from 1987 until 1997, retiring closer to age 61.

The embattled chief executive, under pressure over the disclosure of losses and bonuses at Merrill Lynch, told the board on Wednesday that he planned to retire, people briefed on the situation said.

Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a benefit package the automaker valued at more than $10 million.