Intel has named its next CEO, chief operating officer Brian Krzanich, 52, who will take over from Paul Otellini 16 May.
Krzanich has been COO since January 2012 but has previously held technical and executive positions at the company since he joined in 1982. He will be Intel's sixth CEO.
Intel chairman Andy Bryant said in a prepared statement that 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".
"Brian is a strong leader with a passion for technology and deep understanding of the business," Bryant said.
Paul Otellini announced his resignation in late 2012 after almost 40 years at Intel. At the time Intel also engaged in a bit of executive reshuffling, promoting Stacy Smith, Krzanich and Renee James. Both Smith and Krzanich were considered good candidates for CEO, though Krzanich was tipped to be the favourite.
Under Otellini's leadership, Intel spearheaded technologise like High-K/Metal gate and 3D tri-gate transistors. And although the chip firm was considerably late to the party, Otellini managed to wrangle tablet and smartphone contract wins.
Krzanich said in a statement that he is "deeply honoured" by the opportunity. "We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution". He noted that the company plans to move "even faster into ultra-mobility" to "lead Intel into the next era".
So far Ultrabooks and Intel-powered mobile devices have not been as successful as the company would have liked. Among other things, Krzanich will be tasked with getting the company up to speed against competitors such as ARM.
The board of directors also elected software head Renee James, 48, to be Intel's president.