Intel names insider Krzanich as new CEO

Silicon Valley giant Intel Corp. said Thursday that Brian Krzanich would be its new chief executive officer, moving up in the ranks of the chipmaker to succeed Paul Otellini.

Krzanich, who has been chief operating officer since January 2012, will assume his new role at the company's annual stockholders' meeting May 16.

The move comes with Intel, the world's biggest maker of chips for personal computers, struggling to keep up with a shift to mobile devices such as tablets.

Intel's big push for "ultrabooks," the thin PCs that are competing with tablets, has been a major disappointment.

Krzanich, 52, will become the sixth CEO in Intel's history. Otellini announced last year he would 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. 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."