Silicon Valley giant Intel Corp. named Brian Krzanich as its new chief executive officer Thursday to succeed Paul Otellini.
Krzanich, who has been chief operating officer since January 2012, will assume the 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 Intel's chairman Andy Bryant.
"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."
In the first quarter of 2013, Intel said its profit fell 25 percent to $2 billion, while expressing optimism over its new efforts in the mobile space.
Revenues were down 2.4 percent for the year at $12.58 billion, mainly due to lower PC sales.
In documents filed with regulators, Intel said Krzanich would be paid a base salary of $1 million and have an annual incentive cash target of $2.5 million, plus stock awards, bringing total compensation to an estimated $10 million.
Intel also named as president Renee James, who has been executive vice president and general manager of its software and services group.