by Anton Shilov
02/13/2013 | 01:15 PM
Intel Corp. has historically found chief executive officers within the company, which allowed the firm to develop a unique corporate culture and ensure smooth transitions of the top management. However, in a bid to find a replacement to Paul Otellini, who plans to retire in May this year, the chipmaker hired a head-hunting firm.
The world’s largest maker of microprocessors hired Spencer Stuart & Associates, leading privately held, global executive search firm, in a bid to find a replacement for the current chief exec, a clear signal that the board of directors could not pick up the candidate from inside the company that would satisfy all the requirements. Internal candidates will still be considered, according to the chipmaker.
“No candidate has the inside track, and the board will be equally looking at internal and external candidates. The decision process will be the same for all of them. A board would not be fulfilling its responsibilities if it did not seek insight on talent available inside and outside the company,” said Laura Anderson, a spokeswoman for Intel.
Potential internal successors to Paul Otellini include chief operating officer Brian Krzanich, chief financial officer Stacy Smith and software head Renee James, according to two other people, who asked not to be named because the search is private, reports Bloomberg news-agency. All three potential candidates are now executive vice presidents of Intel.
Intel, founded in 1968, has never filled its top post with an executive from outside. Historically, Intel tried to choose executives with either engineering or marketing backgrounds to run the company, but nowadays the situation is somewhat tougher as Intel is facing a strategic inflection point of the PC market. The demand is shifting towards mobile devices these days, which requires engineering, execution and marketing expertise to run the company.