SANTA CLARA, CA – Intel chairman Craig Barrett will retire from active management in May at the company’s annual stockholders' meeting, the company said today.

Barrett spent 35 years at Intel, eventually succeeding Intel cofounder Andy Grove as chief executive in 1998. He gave up that role in 2005.

In a press release, Barrett said, "Intel became the world’s largest and most successful semiconductor company in 1992 and has maintained that position ever since. 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. I have every confidence that Intel will continue this leadership under the direction of Paul Otellini and his management team.”

Intel also announced that independent director Jane Shaw, who joined the Intel board in 1993, has been elected by the board of directors to replace Barrett as non-executive chairman beginning in May.