Intel’s board of directors has named COO Brian Krzanich as the company’s new CEO, succeeding retiring CEO Paul Otellini.

Otellini said he would step down in November after eight years on the job. Otellini has left the company in a tough position, with a weak presence in the hugely growing mobile space and declining PC space.

Krzanich has been at Intel for more than a decade, serving in several senior leadership roles before being appointed as COO in early 2012. From 2007 to 2011, he helped lead manufacturing operations and from 2003 to 2007, he helped lead assembly and testing operations. He will start his new job on May 16, the date of the company’s annual stockholder meeting.

“We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution,” Krzanich said in a canned statement. “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.”

Additionally, Intel announced that Renée James has been named president of Intel. She will also start on May 16.

Brian Krzanich photo via Intel