Chief Financial Officer Andy Bryant , who's been at Intel since 1981, says he doesn't expect layoffs from the current cost cuts, but that the company won't likely be conducting any hiring binges.

FORBES: Scorched Earth?

"Paul Otellini has been a very strong leader, only the fifth CEO in the company's great 45-year history, and one who has managed the company through challenging times and market transitions, " said Andy Bryant, chairman of the board.

ENGADGET: Intel CEO Paul Otellini to step down in May, leaves a legacy of x86 dominance

"After a thorough and deliberate selection process, the board of directors is delighted that Krzanich will lead Intel as we define and invent the next generation of technology that will shape the future of computing, " said Andy Bryant, chairman of Intel.

ENGADGET: Intel names current COO Brian Krzanich as new CEO, starts May 16th