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Intel CEO Paul Otellini retiring in May after nearly 40 years with the company

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Bloomberg is reporting that longtime Intel CEO Paul Otellini is set to retire in May of 2013 after nearly 40 years at the processor manufacturing giant, with the last eight or so spent as CEO. While his day-to-day duties will conclude, Otellini says that he'll be available as an "advisor" to Intel's management following his retirement; otherwise, he hasn't given any indication on what his future plans might hold. This transition comes at a time when Intel is struggling a bit — the company still hasn't fully fleshed out its mobile strategy, though it's hoping the launch of Window 8 will help revitalize its core processor business.

"I've been privileged to lead one of the world's greatest companies," Otellini said in this morning's statement, while the chairman of Intel's board Andy Bryant said, "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." Intel's making the announcement today to kick off a six-month transition period, though the company does not yet have anyone in place to take on the CEO position as of yet.

Otellini's full statement is below:

I've been privileged to lead one of the world's greatest companies. 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. 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.