(See related story) A Hungarian immigrant, Grove participated in the founding of Intel in 1968. In 1979 he was named president, and in 1987 he became chief executive officer. Ten years later, Grove became Intel's chairman and was named Time magazine's "Man of the Year." Questions about Grove's plans were raised a few years ago when he was diagnosed with prostate cancer. But Intel insisted today that this played no role in today's announcement. The leadership transition becomes effective on May 20, after Intel's annual shareholders meeting. In his new role, Grove is expected to take on a more visionary role. "Craig has been the architect of Intel's operations throughout the last decade. Our performance in developing a superb set of products and meticulously ramping them into high-volume production has been the result of the exceptional organization and methodology he has put into place," Grove added.