Intel Corporation (NASDAQ:INTC) has finally found a successor to outgoing chief executive officer Paul Otellini. The Santa Clara, Calif.-based company has selected chief operating officer Brian Krzanich as its new CEO. Krzanich has been the chief operating office of Intel Corporation (NASDAQ:INTC) since January 2013. He will step into Otellini’s shoes during the company’s annual shareholders meeting on May 16, 2013.

intel brian krzanich

The company also promoted Renee James as president. Renee James earlier served as the executive vice president of Intel Corporation (NASDAQ:INTC)’s software and services business. Brian Krzanich joined the company in 1982, and has held several technical positions since then. Brian currently oversees manufacturing, supply chain and IT operations.

Andy Bryant Praises Krzanich

Intel Corporation (NASDAQ:INTC) chairman Andy Bryant said that the board is delighted to appoint Krzanich as its new CEO as the company works to define the new generation of technology. Bryant said Krzanich is a strong leader who understands business and has a passion for technology. His track record of execution and solid problem-solving ability has earned him the respect of all the company’s stakeholders globally. Krzanich has the right combination of experience, knowledge and depth to lead the chipmaker at a time when the industry and technology are rapidly changing, added Andy Bryant.

Intel’s Krzanich Has Challenges Ahead

Brian Krzanich’s promotion comes at a time when PC segment is shrinking rapidly as customers shift towards smartphones and tablets.   PC shipments declined about 14 percent in the first three months of this year, while tablet shipments almost doubled in the same period.

Krzanich has been a frontrunner since Paul Otellini said that Intel Corporation (NASDAQ:INTC) may consider promoting a new CEO internally. The company usually appoints its CEO successor as COO first. Otellini, too, was the chief operating officer before being promoted as CEO in 2005. Krzanich’s expertise in manufacturing will benefit the company as manufacturing is becoming even more crucial to the company’s success.

Intel Corporation (NASDAQ:INTC) shares were down 0.23 percent to $23.93 at 10:39 AM EDT.