Chip maker Intel today announced that the company’s president and CEO, Paul Otellini, will step down in May.

In a press release, Intel said Otellini will officially retire at the company’s annual stockholders’ meeting in May, starting a leadership transition over the next six months.

Otellini has been with Intel for 40 years and was only the fifth CEO in the company’s 45-year history.

“I’ve been privileged to lead one of the world’s greatest companies,” Otellini said. “After almost four decades with the company and eight years as CEO, it’s time to move on and transfer Intel’s helm to a new generation of leadership.”

Intel’s board of directors will conduct the process to choose Otellini’s successor. The company said it will consider internal and external candidates for the job.

From the end of 2005 through the end of 2011, under Otellini’s guidance, Intel achieved record revenue and net income. During this period, annual revenue grew from $38.8 billion to $54 billion, while annual earnings-per-share grew from $1.40 to $2.39.