Intel's Barrett to step down

Intel chairman Craig Barrett is planning to step down from his position later this year.

The company said that the longtime chairman of its board of directors will be retiring in May, handing his top spot over to fellow board member Jane Shaw.

Barrett has been with the company since 1974. In addition to his seat on the board, Barrett spent seven years as Intel's chief executive from 1998 until 2005 when he handed the job over to current chief executive Paul Otellini.

"I have every confidence that Intel will continue this leadership under the direction of Paul Otellini and his management team," Barrett said.

"I'm extremely proud to have helped achieve that accomplishment and to have the honor of working with tens of thousands of Intel employees who every day put their talents to use to make Intel one of the premier technology companies in the world."

Shaw, who will be moving into the chairman's spot when Barrett leaves, has been a member's of Intel's board of directors since 1993.

News of Barrett's retirement comes in the midst of a rough time for Intel.

The recent fiscal quarter saw the company's first losses in more than two decades, and the resulting cuts are expected to lead to the closure of five of the company's plants and some 6,000 lost jobs.

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