Intel Corp. Executive Vice President Sean Maloney, in line for the top job at the world’s largest chipmaker, is taking medical leave after suffering a stroke.

Maloney, 53, is one of four executive vice presidents reporting directly to Chief Executive Officer Paul Otellini. He is expected to resume all of his responsibilities after several months of recuperation, Santa Clara, California-based Intel said in a statement.

The Englishman has been regarded as the top candidate to succeed Otellini, said Doug Freedman, an analyst at Broadpoint AmTech Inc. in San Francisco. Maloney came out of the internal executive development program at Intel, which has picked CEOs from within its own ranks since it was founded in 1968.

“It definitely looked to me like he was the man to beat for the job,” said Freedman, who recommends buying the shares and doesn’t own them. “They have a very deep bench. Personally, it’s a very sad note to hear of his poor health, but from a corporate standpoint, it has very little impact to their corporate health.”

Maloney’s duties will be assumed by Dadi Perlmutter, another executive vice president. Together, the two men run Intel’s architecture business, which designs and sells the company’s chips. Maloney focused on business operations, while Perlmutter is mainly responsible for product development.

‘Determination to Return’

“I visited with Sean and his sense of humor and determination to return to work fill the room,” Otellini, 59, said in the statement. “We wish him a speedy recovery and look forward to his return.”

Maloney, who was born in London into a family originally from Ireland, joined Intel in 1982 as a manager of software engineering in the U.K. He turned down an offer from Microsoft Corp., even after an interview with founder Bill Gates at Heathrow airport.

Maloney spent nine years with Intel in Europe, rising to become first Intel’s U.K. country manager and then director of marketing for Europe. Intel brought Maloney to the U.S. in 1992 to serve at the technical assistant to Andy Grove, who was then CEO.

Maloney followed Otellini into that position and joined a program that Intel uses to identify future executives. Technical assistants act as secretaries, drivers and even bag carriers for senior executives, who they follow full-time. They are expected to participate in meetings and are even allowed a say in decision making.

Prior to taking his current role in September 2009, Maloney was Intel’s head of sales and marketing.

Intel rose 34 cents, or 1.7 percent, to $20.87 at 4 p.m. in Nasdaq Stock Market trading before the announcement. The shares have gained 2.3 percent this year.

 source:Bloomberg