Intel CEO Paul Otellini will step down in May 2013. Otellini will retire as an officer and director at Intel’s annual stockholders meeting in May, the company announced today.

Intel said that an “orderly leadership transition” will take place over the next six months, but we have yet to learn who will fill Otellini’s shoes.

Otellini joined Intel back in 1974 and he was appointed CEO in 2005, replacing CEO Craig Barrett.

"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.”

In addition, Intel also announced that the board has approved the promotion of three senior leaders to the position of executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

Otellini’s tenure was marked by strong growth and relatively little controversy. Over the past eight years, Intel managed to secure dominance in nearly all market segments, pushing AMD aside. Intel chips also ended up in Apple gear, after Cupertino decided to transition from PowerPC. New product categories were introduced as well, such as the cheep and cheerful Atom, and lately Intel has been pushing Ultrabook chips, as well as SoCs for tablets and smartphones.