The Search Is Over: Intel Names Brian Krzanich Its New CEO

Brian Krzanich

Intel's CEO search is officially over.

The chip maker promoted COO Brian Krzanich to the CEO position, succeeding Paul Otellini, who is stepping down this month after leading the company for eight years.

Krzanich, 52, will officially take over at Intel's annual stockholders' meeting on May 16, becoming the sixth CEO in company's storied history.

[Related: Intel Weathers PC Slump In Q1 Earnings, Touts Second-Half Rebound ]

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In November Otellini announced his plan to retire this spring after a 40-year career with Intel, which kicked off a lengthy CEO search. While some speculated that VMware CEO and former Intel executive Pat Gelsinger and former Motorola CEO Sanjay Jha were being considered as Otellini's successor, Intel has never appointed a company outsider as CEO.

"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 Chairman Andy Bryant in a press statement.

Krzanich has been with Intel since 1982, serving in a variety of both technical and management roles, including vice president and general manager of manufacturing and supply chain. He has deep experience with Intel's manufacturing business and is credited with driving an overhaul of the chip maker's factory processes and supply chain in 2006.

Krzanich was promoted to COO in January 2012 and oversaw Intel's Technology and Manufacturing Group, as well as Intel's Custom Foundry business and its NAND Solutions Group.

"I am deeply honored by the opportunity to lead Intel," said Krzanich in a press statement. "We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution. I look forward to working with our leadership team and employees worldwide to continue our proud legacy, while moving even faster into ultramobility, to lead Intel into the next era."

In addition to promoting Krzanich, Intel also announced the appointment of Renee James, 48, as president of Intel. She will also assume her new role May 16.

James has spent 25 years with Intel, most recently as executive vice president and general manager of Intel's Software and Services Group where she managed the chip maker's software subsidiaries such as McAfee and Wind River.