Intel Prez sells $10 m in stock

LOS ANGELES: Intel Corporation, President, Paul Otellini has authorized his broker to sell up to 448,000 shares of Intel stock worth up to $10.4 million at current levels, the world's largest chip maker informed.

Otellini, who is scheduled to take over as Intel's chief executive officer next year, entered into two pre-arranged stock trading plans that allow UBS Financial Services to exercise stock options and sell stock by March 2006, Intel said in a filing with the U.S. Securities and Exchange Commission.

Intel shares fell nine cents or less than one percent, to $23.28 on Nasdaq on Tuesday.

The agreement with UBS gives Otellini "flexibility to manage his stock portfolio," Intel spokesman Chuck Mulloy said. Such agreements are commonly entered into by executives to remove the appearance of insider dealing when stock is sold.