Intel Corporation announced today that the 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. As previously announced, Otellini will step down as CEO and from the board of directors on May 16. Krzanich joined the Santa Clara, Calif., company in 1982 and has worked in many different technical areas since that time. The board of directors elected Renée James, 48, to be president of Intel. She will also assume her new role on May 16, joining Krzanich in Intel’s executive office.

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“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.”