Paul Otellini has been formally confirmed as Intel's new chief executive, the first non-PhD holder to lead the company.

In a ceremony at the company's annual general meeting, Intel founders Andy Grove and Craig Barrett abided by company rules and appointed Otellini as chief executive. The rules prevent over 65s from holding the position of chief executive.

"It's an awesome responsibility," said Otellini. "This company is an icon of technology. You cannot step into this kind of job without feeling excited and awed at the same time. I'm following in the footsteps of giants."

Otellini joined Intel in 1974 and has been with the company ever since. His degree was in finance and he will be the first non-PhD holder to run Intel.

Intel founder Gordon Moore had previously said he was happy at the prospect. "Otellini has been steeping in processor technology, more so than I or Andy ever were, and you can't expect education to be a constant," he told vnunet.com.

Barrett will remain as chairman of the board while Grove will stay at the company in an advisory role. As he put it: "No need to call me. I'll call you."