Chip maker Intel has named COO Brian Krzanich as the successor to CEO Paul Otellini. Krzanich will assume his new role on May 16, 2013. In addition, Renée James has been appointed as president of Intel and will assume her role on the same day.

In November last year, Otellini announced his intention to retire after nearly 40 years at the firm. According to Intel, his replacement, Krzanich, had been responsible for leading more than 50,000 of Intel’s 105,000 employees across various business divisions.

Andy Bryant, chairman of Intel said Krzanich will be tasked with leading the firm as it looks to “define and invent the next generation of technology that will shape the future of computing”.

“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.”

According to Intel, incoming president James’ knowledge spans hardware, security, software and services, which she developed through other leadership positions at Intel. She also currently serves on the board of directors of Vodafone Group and VMware.