Chip maker Intel has just announced that it has promoted Brian Krzanich to CEO, succeeding Paul Otellini (not so unexpectedly). Krzanich, previously the company’s COO, will assume his new role at the company’s annual stockholders’ meeting on May 16.

Intel and Otellini announced back in November 2012 that he would retire as chief executive officer and as a director of the firm after almost 40 years of service.

The news of Krzanich’s (unanimous) election by the chip giant’s board comes a few weeks after Intel announced its not-so-stellar financial results for the first quarter of 2013. The company reported Q1 revenue of $12.6 billion, net income of $2 billion and earnings per share of $0.40, missing analyst estimates (ever so slightly).

Looking ahead to Q2 2013, the company forecasts that it will see revenue of $12.9 billion (plus or minus $500 million).

Krzanich (52) has served as Intel’s chief operating officer since January 2012 and will become the sixth CEO in Intel’s history. He’s been with the company for over 30 years (from 1982 to be more precise).

Said Krzanich in a canned statement:

“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.”

Assuming the role of president of Intel (another role currently served by Otellini) is Renée James, who has previously held several leadership positions at Intel and served as chairman of Intel’s software subsidiaries (Havok, McAfee and Wind River).

She currently serves on the board of directors of Vodafone and VMware and was chief of staff for former Intel CEO Andy Grove.

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Image Credit: Robyn Beck for AFP / Getty Images