Intel announced on Thursday that Brian Krzanich will succeed Paul Otellini as the company's new chief executive officer, effective May 16.
In November, Otellini—who has worked for Intel for more than 40 years—announced that he planned to soon retire from the company.
The board of directors unanimously elected Krzanich, who has served as the company's chief operating officer since 2012 and first joined the company in 1982, to become Intel's new CEO.
Otellini will continue to serve as an adviser to the company's management team after his departure.
The board of directors also announced that Renee James, the former chairman of Intel's software subsidiaries, will assume the role as president of the chip maker also beginning on May 16.