CORRECTED-Intel CEO to step down in May

(Corrects spelling of surname to Otellini from Ottelini)

Nov 19 (Reuters) - Chipmaker Intel Corp said on Monday that its chief executive Paul Otellini would retire in May at its annual shareholder meeting.

The 62-year-old Otellini was the fifth CEO of the company, stepping into the post in the second quarter of 2005.

Intel's board of directors said it would consider internal and external candidates to be the next CEO. It said in a statement that it expected its "leadership transition" would last six months. (Reporting By Liana B. Baker; Editing by Gerald E. McCormick)