Intel President to Step Down in January

Intel Corp. (NASDAQ:INTC) said Thursday that president Renée James is stepping down to pursue a chief executive role outside the company.

Ms. James will stay at the Silicon Valley chip maker until January. No successor has been named.

Also in January, Intel Capital president Arvind Sodhani will retire. He will be succeeded by president of mergers and acquisitions, Wendell Brooks, who will continue in his current role.

"We are aligning our leadership structure to continue to become more efficient in order to deliver the benefits of our strategy even faster than before," Chief Executive Brian Krzanich said.

Josh Walden, who is general manager of the New Technology Group, will now lead all product and research teams. Devices Group General Manager Aicha Evans has joined the management committee.

Executives Hermann Eul and Mike Bell also will leave the company after it reorganizes.

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The Silicon Valley giant has been hurt by sagging PC sales. In its most recent quarter, the company reported that net income for the period grew just 3% on overall revenue that was flat with the year-earlier period.

Last month, Intel agreed to buy Altera Corp. for about $16.7 billion in cash, its biggest deal ever.

Shares of Intel are down about 17% this year through Wednesday's close.