Intel Names New CEO

Krzanich to fill seat vacated by Otellini

   

brian krzanich Intel Names New CEOChipmaker Intel (NASDAQ:INTC) has named Brian Krzanich to be its next CEO.

Krzanich — who was elected unanimously and will replace outgoing CEO Paul Otellini on May 16 — has been COO of Intel since 2012, CNBC reports.

Otellini — who has been with Intel for 39 years — announced last year that he planned to retire in 2013. After a series of increasingly responsible posts, he become CEO in  2005. After retiring, he will continue to serve as an adviser to the company’s management team.

Krzanich first joined Intel in 1982. He takes over the firm during a time when the new demands of making chips for mobile devices is still being explored. Recently, the company’s CFO Stacy Smith said that the power efficiencies of Intel chips make them ideal for such devices.

Otellini was also president of Intel. In that capacity, he is being replaced by Renee James on May 16.

Intel’s shares are flat in today’s trading.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/05/intel-names-new-ceo/.

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