Intel (INTC) chief executive Andy Grove exercised nearly $50 million in Intel stock during 1997, according to a regulatory statement filed today. While the semiconductor company's stock appreciated less than 8 percent for the year ending 1997, at 70-1/4, it climbed as high as 100-1/8 last August. During the year, Grove exercised 648,000 stock options, valued at $48.96 million. As reported, Grove will step down as CEO next month, and will be replaced by chief operating officer Craig Barrett. Grove will remain chairman, however. Grove is stepping down as CEO at a time when Intel faces lower margins and a consumer shift toward low-cost PCs. The chip giant is likely to report its first decline in profits since 1989 when it reports its earnings for calendar 1998 later this month. Grove's salary increased to $465,000 in 1997, from $425,000 in 1996. He received a bonus of $2.8 million, up from $2.6 million the previous year.