Intel has announced that Brian Krzanich will succeed Paul Otellini as CEO, six months after Otellini announced his retirement having spent nearly 40 years at the company. Krzanich, who previously served as Intel's chief operating officer and executive vice president, will step into the role on May 16th. Intel's board also elected Renée James to become its new president, commencing her duties on the same day.

Krzanich will replace Otellini on May 16th

Krzanich will be tasked with helping the company flesh out its mobile strategy and drive it forward in new markets — which include the release of a new internet-connected TV platform. Otellini, on the other hand, will continue to serve as an advisor to Intel's management following his retirement but has not given any indication as to what he will do in the future.

Last quarter was tough for Intel, with profits of $2.05 billion representing a 25 percent decline year-on-year, as it struggled with what Otellini called "market softness" in the PC space and a continued lack of a real presence in mobile. Krzanich does have the upcoming launch of Intel's Haswell CPUs to look forward to, with Apple reported to be utilizing the processors as part of its Mac refresh.