NEW YORK ( TheStreet) -- Intel ( INTC) announced its new CEO, promoting Chief Operating Officer Brian Krzanich to lead the No.1 chipmaker. Krzanich, a 31-year Intel veteran, has been operating chief since January 2012. He will assume the CEO's role on May 16 at the company's annual shareholders' meeting. In November, Intel announced that Krzanich's predecessor, Paul Otellini, would retire at the meeting later this month.
"Brian is a strong leader with a passion for technology and deep understanding of the business," said Intel Chairman Andy Bryant, in a statement. "He has the right combination of knowledge, depth and experience to lead the company during this period of rapid technology and industry change." The Santa Clara, Calif.-based firm also announced the election of Renee James as president. James, who serves on the board of Vodafone ( VOD) and VMware ( VMW), was chief of staff for former Intel CEO Andy Grove.
Intel last month edged past Wall Street's sales estimates in its first quarter results even as earnings fell below forecasts. Like other tech heavyweights, the world's largest semiconductor maker has been wrestling with the effects of the PC slowdown. During the first quarter, revenue from Intel's PC Client Group was $8 billion, down 6% year over year. Data Center Group revenue, however, was $2.6 billion, a hike of 7.5% from the same period last year. Earlier this week, Otellini backed Japanese telecom giant Softbank's proposal to buy Sprint ( S). Intel shares, which have gained just 1.15% over the last five years, dipped 0.58% to $23.85 shortly after market open on Thursday. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org