Intel Corp. (NASDAQ: INTC) has been without a formal CEO replacement for some time now. The good news is that the wait is over and the company will have proper corporate governance again. Intel announced that it has named Brian Krzanich as its next chief executive officer to succeed Paul Otellini. Investors need to know that this is an internal promotion.

Krzanich has been Intel’s chief operating officer since January 2012, but he first joined Intel back in 1982. He will assume the new CEO role at the Intel annual stockholders’ meeting on May 16.

Mr. Krzanich is 52 years old. Here is the biggest takeaway being toward the shift into smartphones and tablets where the company has been absent:

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.

As COO, Krzanich led an organization of more than 50,000 employees over the Technology and Manufacturing Group, Intel Custom Foundry, NAND Solutions group, Human Resources, Information Technology and Intel’s China strategy.

Renée James, 48, was promoted to be president of Intel, and she also will assume her new role on May 16. She was chairman of Intel’s software subsidiaries Havok, McAfee and Wind River, and she currently serves on the board of directors of Vodafone Group PLC (NASDAQ: VOD) and VMware Inc. (NYSE: VMW) and was chief of staff for former Intel CEO Andy Grove.

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