Ever since famed CEO Paul Otellini announced  his retirement from Intel (NASDAQ:INTC) back in November, investors have wondered: Who will Intel pick to replace him? Now we know.

Intel announced today that it has chosen Chief Operating Officer Brian Krzanich to become its new Chief Executive Officer. Krzanich takes office on May 16, the day Otellini steps down, at the company's annual general meeting of shareholders.

Krzanich, a 31-year veteran of the firm, will be Intel's sixth CEO since the company's founding in 1968. In a statement, Krzanich pronounced himself "deeply honored by the opportunity to lead Intel. 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."

Intel also today announced the election of Renée James to be Intel's president. James has been with the company 25 years. Otellini had also served as president.

In an SEC filing accompanying news of the announcements, Intel said Krzanich will be paid a base salary of $1 million, with an annual bonus targeting $2.5 million. He will also receive restricted stock units (RSUs) and stock options in connection with the promotion worth $2 million, $4.5 million in equity grants connected to his current COO post and the executive compensation plan that was effective for it in January -- bringing total 2013 compensation for Krzanich up to as much as $10 million.

For her part, James' compensation plan will include base pay of $850,000, a $2,125,000 bonus target, and $1,025,000 in RSUs and stock options. Combined with her $4.5 million in equity grants already awarded earlier this year, this brings James' total 2013 compensation to as much as $8.5 million.