Intel's board of directors has unanimously elected Brian Krzanich as its next chief executive officer (CEO), succeeding Paul Otellini. Krzanich will assume his new role at the company?s annual stockholders' meeting on May 16. Krzanich, Intel's chief operating officer since January 2012, will become the sixth CEO in Intel's history. Otellini will step down as CEO and from the board of directors on May 16.

"After a thorough and deliberate selection process, the board of directors is delighted that Krzanich will lead Intel as we define and invent the next generation of technology that will shape the future of computing," said Andy Bryant, chairman of Intel.

"Brian is a strong leader with a passion for technology and deep understanding of the business," Bryant added. "His track record of execution and strategic leadership, combined with his open-minded approach to problem solving has earned him the respect of employees, customers and partners worldwide. He has the right combination of knowledge, depth and experience to lead the company during this period of rapid technology and industry change."

Krzanich, 52, joined Intel in 1982. As chief operating officer, Krzanich led an organization of more than 50,000 employees spanning Intel?s Technology and Manufacturing Group, Intel Custom Foundry, NAND Solutions group, Human Resources, Information Technology and Intel?s China strategy.

"I am deeply honored by the opportunity to lead Intel," said Krzanich. "We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution. I look forward to working with our leadership team and employees worldwide to continue our proud legacy, while moving even faster into ultra-mobility, to lead Intel into the next era."

The board of directors also elected Renee James, 48, to be president of Intel. She will also assume her new role on May 16, joining Krzanich in Intel?s executive office.