Intel CEO Paul Otellini spoke with FOX Business Network’s (FBN) Liz Claman about his decision to step down as CEO. Otellini said he has made a recommendation about who should succeed him and that he “hopes” it will comes from within the company. Otellini also discussed whether Intel is working on a television device, saying, “Being in the living room in television and doing it in a way that makes the television a better experience for end users is something that’s intrigued us for many years. I don’t want to go any farther than that except to say it’s something we are looking at.” Otellini said after he retires he plans to “learn to play the piano,” but when asked if he would consider serving in the president’s administration, Otellini responded, “I’d sure consider it. I am from a generation where when a president asks you to do something, you say yes sir.”
The video and excerpts from the interview can be found below.
On whether Intel Corporation (NASDAQ:INTC) is working on a television device:
“We’ve been doing things in television for years…Being in the living room in television and doing it in a way that makes the television a better experience for end users is something that’s intrigued us for many years. I don’t want to go any further than that except to say it’s something we are looking at.”
On whether he would consider serving in the president’s administration if he was asked:
“I’d sure consider it. I am from a generation where when a president asks you to do something, you say yes sir. So it is something as an American I would certainly consider.”
On why he is retiring as CEO of Intel Corporation (NASDAQ:INTC):
“It’s just time. Almost 40 years in the company, eight years as CEO. At some point you say, what I’ve done, I’ve done well I think. The company is in great shape. There’s never a perfect time to leave. I am very comfortable with the team that I’ve built underneath me and I’ve got a lot more to do in life.”
On what his plans are following his retirement:
“I’m going to learn to play the piano.”
On whether his successor will come from within Intel:
“I sure hope so and I would think so. That’s the board’s decision. I am only one vote. I think we have a very good stable of internal people. No one is ever ready –I wasn’t ready for this job. These are huge jobs, it’s a top 100 company in the world. I am comfortable that the people that are in the wings can step up to it.”
On whether he has made a recommendation for his successor:
“Yes, I have.”
On who he has recommended to be his successor:
“I can’t tell you that.”
On what characteristics the next CEO must have:
“I think the number one thing you need is leadership. At the end of the day, all companies are about people. We are about people. You have to be able to lead people. You have to have some understanding of the industry because Intel is iconic and we do lead our part in the industry.”
On whether the next CEO has to be an engineer:
“I don’t think so. I am not an engineer and I think I did okay. you learn by osmosis. Increasingly the demand of the business is what do consumers want? It’s being driven by the consumer…Most of the people that are being considered are either technical in nature or they have a strong understanding of the industry and how products are evolving.”
On when the announcement will be made successor:
“Hopefully before May 19th which is the day I retire.”
On his response to suggestions that Intel should bring in a visionary or someone with a fresh look:
“We spent much of the last eight years moving the company into a new direction, getting us into phones and tablets and big data centers that we weren’t in before. I think we are very well positioned in the center of the computing industry. Now it’s just a matter of executing the strategies. I don’t think we need a new vision or strategy.”
On what will help increase Intel stock price:
“The real answer is you have to grow earnings – we’ve grown earnings nicely and if earnings grow, even if the PE stays the same, the stock price will go up. As I look forward, as we reinvent the PC with the Ultrabook, I think you will see growth there. Now we are a player in phones and tablets, that will drive growth and we have a wonderful business in the data center that is growing at the rate of the Internet. Not just servers, storage and routers and switches are all now based on Intel architecture. So we are in a good spot. I think there is sort of an overhang associated with our PE because the PC market has been in the doldrums the past year or two, well at some point those things go and they change.”
