Intel co-founder steps down

Intel co-founder and chip industry icon Gordon Moore is retiring from the board he has served on since the company's inception in 1968. He will remain active with the the chip giant as chairman emeritus, a role he took on in 1997.

Moore is perhaps best known for what has come to be called Moore's Law, which predicts that the number of transistors on a silicon chip would double every 18 months or so.

His retirement from the board was not unexpected as the company has an established policy in which members step down when they reach the age of 72, an Intel spokesperson said.

Chairman Andy Grove explained that Moore's knowledge of the communications industry would be important to Intel as the company continues to execute on its strategies for growth.

"At the same time, we will miss Gordon's direct role on the Intel board," he said. "It would be impossible to adequately thank Gordon, whose name is synonymous with integrated circuit technology, for all he has done for Intel and the industry."

Moore will retain his famed cubicle at the company's headquarters, and will also be taking on another role with his multi-billion dollar Gordon E. and Betty I. Moore Foundation in San Francisco.

He became president and chief executive officer at Intel in 1975 and held that post until elected chairman and chief executive officer in 1979.

Reed Hundt, a former commissioner of the Federal Communications Commission, has been nominated to fill Moore's position on the Intel board.