Intel President Renee James to leave chipmaker

AP News
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Posted: Jul 02, 2015 4:35 PM

NEW YORK (AP) — Intel said Thursday that President Renee James, who has worked at the chipmaker for 28 years, plans to leave the company early next year to seek a CEO role elsewhere.

James has agreed to stay with Intel until January to oversee the transition of her responsibilities and will be paid $4 million to do so, according to a filling with the U.S. Securities and Exchange Commission. Intel did not disclose which CEO role James is pursuing. James was named president of Intel two years ago.

The Santa Clara, California-company also announced several other personnel and organizational changes.

Arvind Sodhani, president of Intel's venture capital unit, will retire in January after 35 years at the company. Vice Presidents Hermann Eula and Michael Bell will also leave the company, Intel said.

Shares of Intel Corp. rose 38 cents, or 1.2 percent, to finish at $30.56 on Thursday. Its shares have slipped a little more than 1 percent over the past year.