After stepping down from his position as Intel Corporation (NASDAQ:INTC)'s CEO, Paul Otellini believes the company is likely to choose a candidate from within the existing ranks to replace him when he retires in May 2013.
According to ZDnet, the company will announce a new CEO later this year, but the candidate is still not known.
Showing his confidence over internal candidates, Otellini argued that picking an internal resource would be the smart path for Intel Corporation (NASDAQ:INTC), given the challenges the chip manufacturing giant is facing.
At the Stanford C Berstein technology conference in San Francisco, Otellini voted on Intel's decision to pick an insider to fill his position.
“Even if you brought in Mr. or Ms. Perfect, that person is going to take two years to figure out the culture and the people and how the system works et cetera. In this environment, why take the risk. ... So my sense is that they will stay inside.”
Regardless of the board's consideration of an outside candidate, Otellini believes that an insider is a much better choice to understand the company's vision, culture and processes, particularly in a time when the company is in the midst of a major, strategic shift in business philosophy. Further on the same note he adds that going outside Intel Corporation (NASDAQ:INTC) is going to take ""two years to figure out the culture and people and how systems work and stuff like that."
Some of the possible internal candidates are; David Perlmutter, Intel’s chief product officer; Stacy Smith, chief financial officer; and Thomas Kilroy, general manager of Intel’s sales and marketing group. No official candidate list has however been announced by the chip giant, which to our surprise, is very unusual of the company that always had its succession plans laid out before hiring a new major replacement.