It's been public knowledge since last November that Intel (News - Alert) long-time Intel CEO Paul Otellini was planning to retire in May. However, the chipmaker has been quiet regarding who would take over for Otellini – until now.

Intel has named current chief operating officer Brian Krzanich as its sixth chief executive. The 62-year-old Otellini's announcement of retirement shocked many, bucking the trend for Intel CEOs to stay on until the mandatory retirement age of 65. However, choosing the next CEO from within does in fact sit well with company tradition.

Some have suggested that Ortellini decided to retire early in order to provide Intel with younger leadership better able to navigate the changing landscape in computing, as consumers turn increasingly to mobile technology over traditional desktops. If this is indeed the case, it suggests that Krzanich is the best person to accomplish this task.

Indeed, he attributes his selection as CEO to a new strategy he presented to the board for reinvigorating Intel. Developed alongside Intel's software chief, Renée James, who has now been elected president by the board, the strategy is said to exploit the company's manufacturing technology leadership, while expanding its reach into new devices and markets. Krzanich wouldn't disclose any details, but he did say that some of these areas include not just smartphones and tablets but emerging areas such as wearable computing as well.

Krzanich joined Intel in 1982 and has long been considered the front runner for CEO. The 52-year-old will take the reins of the company at the annual stockholders meeting on May 16.

As COO at the company, Krzanich managed information technology human resource functions, also running worldwide manufacturing. Because of this, many analysts predict that Intel will double down on its manufacturing. As Bernstein Research analyst Stacy Rasgon put it, Krzanich is "the manufacturing guy."