Intel's board has appointed Brian Krzanich to be the next CEO, the company announced Thursday, May 2, according to Mashable.

He replaces Paul Otellini, who announced his intention to step down in November after having served as CEO for seven years.

Krzanich was promoted to COO in January, which was widely interpreted as a signal that he would succeed Otellini. He will officially take over the role at the company's shareholder meeting on May 16, becoming the sixth CEO in Intel's history.

"I am deeply honored by the opportunity to lead Intel," Krzanich said in a statement. "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."