Computer chipmaker Intel said chief executive Mr Craig Barrett plans to step aside and be replaced by Intel president Mr Paul Otellini in a long-planned move.
In a statement, the company said Mr Barrett (65) will take over as chairman, replacing Mr Andy Grove, the company's previous CEO, all as part of a previously telegraphed succession plan.
The changes are to become effective at the next annual meeting, scheduled for May 18th.
Mr Grove (68) will no longer serve on the Intel board but will assume the role of senior adviser to the board and senior management, the company said.
Mr Barrett, who joined Intel in 1974, is credited with building Intel into the high-tech industry's unparalleled manufacturing powerhouse.
Mr Barrett, a former Stanford University college professor turned Intel executive, was known for formulating Intel's "Copy Exactly" strategy, meaning every chip-making plant is a mirror reflection of every other one.
He also spearheaded Intel's ventures down less successful roads, particularly Web hosting as well as an expensive and, to date, money-losing push into communications chips, where the company has spent billions of dollars on acquisitions.