Paul Otellini, Intel's president and CEO, will step down from his role at the head of the company from next year.
Otellini, who has been the chipmaker's chief exec since May 2005, will retire in May next year.
"Paul Otellini has decided to retire as an officer and director at the company's annual stockholders' meeting in May, starting an orderly leadership transition over the next six months," the company said on Monday. Intel's stock price fell slightly on the news of its CEO's departure.
It's not yet known who will succeed Otellini as CEO, but Intel said both internal and external candidates will be considered for the role.
"I've been privileged to lead one of the world’s greatest companies," Otellini 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. I look forward to working with Andy [Bryant, chairman of the board], the board and the management team during the six-month transition period, and to being available as an advisor to management after retiring as CEO."
Otellini was only Intel's fifth CEO: he took over the top job following the semi-retirement of the then CEO Craig Barrett after serving as COO and managing several Intel businesses, including the company's PC and server chip division and the global sales and marketing organisation.
He will retire after nearly 40 years at the company.
During Otellini's stewardship of the company, its annual revenue has risen from $38.8bn to $54bn, with earnings per sharing growing from $1.40 to $2.39.
Under its current CEO, Intel introduced its first mobile chips and "dramatically" improved the energy efficiency of its chips, the company said. These challenges will remain to confront Otellini's successor, who will need to tackle the questions of how to boost Intel's presence in mobile, and head off the low-power challenge from ARM in both the mobile and server space. (For more on what Otellini's successor has to contend with, see Intel post Otellini: The big challenges ahead).
In tandem with Otellini's departure, Intel announced three exec promotions: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy, have all been made VP.