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Intel Names Otellini as New President

January 17, 2002|Associated Press

Setting a clear line of succession at the world's largest chip maker, Intel Corp. named 27-year company veteran Paul Otellini as president and chief operating officer.

Otellini, 51, will take over the president's duties from Chief Executive Craig Barrett, who will lead strategy and long-range planning.

The Santa Clara, Calif.-based company has not had a chief operating officer since Barrett left that position in 1998 to become CEO.

Barrett has not made public any plans to leave Intel but is three years away from the mandatory retirement age of 65.

Intel fell 97 cents to $33.71 and led a decline on Nasdaq on investor concern over its forecast Tuesday for the chip market.

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