The board of directors of Intel Corp. today unanimously elected the company’s chief operating officer Brian Krzanich, as a sucessor to Paul Otellini who steps down as CEO May 15.
The board of directors also elected Renee James, to be president of Intel starting May 15.
The 52-year-old Krzanich, who has been Intel’s COO since January 2012, advanced through a series of technical and leadership roles in the company which he joined in 1982. He will become Intel’s sixth CEO.
“I am deeply homoured by the opportunity to lead Intel,” said KIrzanich. “We have ammazing assets, tremendous talents, and an unmateched legacy for innovation and execution.”
“Her deep understanding and vision for the future of computing architecture, combined with her broad experience running product R&D and one of the world’s largest software organizations, are extraodrinary assets for Intel.”
James, 48, progressed through leadership positions at Intel as chairman of the companies software subsidiaries, Havok, McAfee and Wind River. She is also currently on the board of directors of Vodafone group Plc. And VMware Inc. and was chief of staff for former Intel CEO Andy Grove.
Otellini who leave May 15, has led the company for eight year and has been with Intel for 40 years. He joined the company in the 1970s at a time when the microchip was still being developed. The company achieved star staus in the 1980s with the introduction of IBM’s first personal computer.
However, with the recent slump in PC sales, Intel’s revenues for the first quarter of 2013 was $12.6 billion, down nearly a billion dollars from the previous year. Profits slid 25 per cent to $2 billion.
Still some analysts believe the company can pull itself up again in the manufacture of chips for thrid-party contract manufacturers. There is also speculation that Intel will build chips for Apple’s iPad and iPhone devices