Andrew S. Grove will resign as CEO of Intel. The board of directors plans to elect Craig R. Barrett, now president and COO, to replace him. Mr. Grove will step down May 20 at Intel's annual shareholder meeting. He will continue working full time as chairman.
Steven Folker, chief equity strategist, Fifth Third Investment Advisors, which owns some 2 million Intel shares, said, ''His influence will still be there. It has a deep management team. We still view the company with strong prospects.'