GROVE STEPPING DOWN AS INTEL CEO; COMPANY PRESIDENT WILL TAKE REINS AT COMPUTER CHIP MAKER; CHANGE CALLED ORDERLY.Byline: David E. Kalish Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Andrew Grove
Dr. Andrew Stephen Grove (born 1936-09-02) is a Hungarian-American businessman. He participated in the founding of Intel and was key to the company's success. , a Hungarian immigrant and Holocaust Holocaust (hŏl`əkôst', hō`lə–), name given to the period of persecution and extermination of European Jews by Nazi Germany. survivor who rose to become a leading luminary of the digital age, is relinquishing re·lin·quish tr.v. re·lin·quished, re·lin·quish·ing, re·lin·quish·es 1. To retire from; give up or abandon. 2. To put aside or desist from (something practiced, professed, or intended). 3. his job as chief executive of Intel Corp. Grove, Time magazine's Man of the Year in 1997, will be succeeded by Craig Barrett Craig Barrett may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and another key architect of its rise to dominance. Grove, 61, will stay on as chairman to focus on broader strategic issues, the company said Thursday. The company took pains to describe the executive succession as part of an orderly transition - unrelated to Grove's recent battle with prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. or to the company's recent slack financial performance. Barrett replaced Grove as president last year - a step that led to widespread speculation he would succeed Grove in the top job. But the transition comes as Intel faces some of its toughest challenges in the three decades since Grove helped create the world's biggest chip maker and led it to $25 billion in revenue last year. Barrett is viewed as less forceful and driven than Grove, but his credentials as a manufacturing expert could help Intel regain some of the momentum it lost in recent years, analysts said. Grove's aggressive drive and reputation as a brilliant design engineer proved crucial to Intel's development of progressively more powerful computer chips, which set the pace for technology and today are the brains in more than 85 percent of the world's personal computers. Intel's board voted at a regular meeting Wednesday to replace Grove after he approached company directors about stepping down, Grove said in a telephone interview. Barrett will take over on May 20. ``My feeling was I was ready and Craig was ready and we were ready,'' he said. ``This is a continuation of what we did a year ago.'' The succession comes after Grove's narrow escape from prostate cancer in 1996. Grove says the disease is in remission Extinguishment or release of a debt. A remission is conventional when it comes about through an express grant to the debtor by a creditor. It is tacit when the creditor makes a voluntary surrender of the original title to the debtor under private signature constituting the and that he is in excellent health after surgery two years ago. Grove, who became chief executive 11 years ago, recently presided over six straight quarters of flat revenue growth and a warning early this month that its computer chip sales were falling below expectations. CAPTION(S): 2 Photos PHOTO (1--Color) GROVE (2--Color) BARRETT |
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