Intel has dipped into its own ranks to choose a new CEO who has already clocked up 30 years at the company.
The world’s largest chip manufacturer announced that former chief operating officer Brian Krzanich will be the new chief executive officer, six months after former CEO Paul Otellini announced his retirement following eight years in the job.
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The new CEO first started work with the firm in 1982. His selection fits with Intel’s usual practice of appointing inside candidates to top positions.
Krzanich, 52, said: “I am deeply honored by the opportunity to lead Intel. 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 ultra-mobility, to lead Intel into the next era.”
Otellini leaves after presiding over a disappointing quarter for Intel. The company earned $12.6bn in revenue for Q1 2013, which is nearly a billion less than the last quarter, and profits dropped 25 per cent to $2bn. Half of this profit will be doled out as a dividend and another $553m used to buy back 25 million Intel shares.
However, analyst KGI Securities analyst Ming-Chi Kuo recently predicted that Intel’s latest Haswell processors would be fitted into the new Macbook Pro and Macbook Air expected to be announced at June’s WWDC.
Intel top brass are hopeful that Krzanich will lead their 50,000 employees towards a more successful quarter - and maintain that success.
The board unanimously voted for Krzanich, who will assume his new role at the company’s annual stockholders’ meeting on May 16.
In a statement, chairman Andy Bryant said: “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.
“Brian is a strong leader with a passion for technology and deep understanding of the business. 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.”
Renée James, 48, has been promoted to the position of president. ®