Intel has announced that Brian Krzanich will take over as CEO on 16 May replacing Paul Otellini who will retire after 40 years of continuous service.
Krzanich, 52, joined Intel in 1982 and currently serves as the firm's chief operating officer and executive vice president.
The Intel board of directors voted unanimously to appoint him as the sixth CEO of the chip firm.
Andy Bryant, chairman of Intel praised Krzanich's track record, noting that he has an open-minded approach and has the respect of customers, employees and partners.
"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," Bryant said.
"He has the right combination of knowledge, depth and experience to lead the company during this period of rapid technology and industry change."
Krzanich's reign begins at a crucial time for Intel as it looks to go head-to-head with ARM in the mobile space.
The CEO in waiting said he was honoured to have the opportunity to lead Intel.
"We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution," he said.
"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."
Rene James, executive vice president and general manager of software and services group has been promoted to the position of president.
