After announcing his plan in November 2012 to retire this month, Intel CEO Paul Otellini’s successor has been named. SEC filings Thursday revealed that Intel’s board of directors has elected COO Brian Krzanich as the company’s next 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 Andy Bryant, chairman of Intel.
“Brian is a strong leader with a passion for technology and deep understanding of the business,” Bryant added. “His track record of execution and strategic leadership, combined with his open-minded approach to problem solving has earned him the respect of employees, customers and partners worldwide. He has the right combination of knowledge, depth and experience to lead the company during this period of rapid technology and industry change.”
Mr. Krzanich, 52, has held the COO title at Intel since January 2012. Prior to that, he served as a Senior Vice President for the company from January 2010 to November 2012 (concurrently with his role as COO), and as a Vice President from December 2005 to January 2010. He has a long history with Intel, joining the company in 1982, and has experience with manufacturing operations, supply chain logistics, and chip engineering. He obtained his bachelor’s degree in Chemistry from San Jose State University in 1982.
Mr. Krzanich will assume the CEO role on May 16. According to the SEC filings, he will earn $10 million in cash and stock compensation for the remainder of the year.
Mr. Otellini will remain an advisor to Intel following his retirement, although no specifics about his role have been revealed. Like Mr. Krzanich, Mr. Otellini also spent his entire career at Intel, including the past eight years as CEO after replacing Craig Barrett in 2005.
Intel has enjoyed much success under Mr. Otellini’s tenure. The company introduced new microprocessor architectures that have solidified its lead over rival AMD, greatly improved its position in the GPU market, added a well-regarded line of solid state storage options, and convinced Apple to switch its PowerPC based computers to Intel.
Intel is set to launch its next line of processors, codenamed Haswell, on June 4, although the major challenge for Mr. Krzanich will be to successfully transition the company from traditional desktop and laptop chipsets to those suited for mobile devices, such as tablets and smartphones, in the face of a shrinking PC market.
