Intel president and CEO Paul Otellini will retire from the company at its annual shareholders’ meeting in May, Intel announced today. He has been with the company for nearly 40 years.

The board of directors will conduct a process of choosing the person or people to fill his roles. The board will look inside and outside of the company.

“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.”

Under Otellini’s tenure as CEO, the company generated $107 billion in cash from operations, made $23.5 billion in dividend payments, and increased the quarterly dividend 181%. From the end of 2005 through the end of 2011, the company achieved record revenue and net income.

“Paul Otellini has been a very strong leader, only the fifth CEO in the company’s great 45-year history, and one who has managed the company through challenging times and market transitions,” said Andy Bryant, chairman of the board. “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.”

“I look forward to working with Andy, the board and the management team during the six-month transition period, and to being available as an advisor to management after retiring as CEO,” said Otellini.

Intel also announced that its board has approved the promotion of three senior executives – 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 – to executive vice president.