SANTA CLARA, Calif. – Intel's CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company.

Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has been head of Intel for eight years.

Intel is the world's largest maker of microprocessors, the "brains" of computers. The company is dealing with consumers' shift away from PCs and toward tablet computers — a threat to Intel because most tablets don't use its processors. Instead, they use cheaper chips similar to the ones found in smartphones.