Intel appoints COO Brian Krzanich as CEO

After Intel CEO Paul Otellini announced his resignation back in November, the company began the search for someone to take the veteran's place, and they have decided to go with Intel's COO Brian Krzanich, with Renée James to become the Board of Director's new president. Both will begin their new roles on May 16.

Krzanich became Intel's chief operating officer in January 2012, so just over a year of being at that position, he's been promoted to take over the company and lead its roughly 50,000 employees to success. Otellini will continue to serve as an advisor to Intel's management staff, although his future plans aren't set in stone.

The appointment of a new CEO comes shortly after Intel reported not-so-greaet quarterly financial results for Q1 2013. The company brought in a revenue of $12.6 billion and a net income of $2 billion, which missed analysts estimates. Revenue for the quarter was down 7% from the previous quarter, with operating income down a staggering 20%.

Krzanich has been with the company for over 30 years now, with Otellini serving nearly 40 years. This will be Intel's sixth CEO, and Krzanich comes at a time when Intel is getting even more fierce with its mobile strategy, and even plans to get into the set-top box market at some point in the future.