Previously, he was COO at Intel. He will be the sixth CEO in the company's history.
He takes over Intel at a particularly challenging time.
The world has gone mobile without Intel. UK-based ARM has been the main driver of the mobile chip business. ARM provides low-cost mobile chip architecture, which is then manufactured by companies like Samsung.
Those ARM-based chips are then used in iPhones, iPads, Samsung smartphones, and just about everything else.
Intel's stock price is essentially flat over the last five years.
At the same time Krzanich takes over, the company is pouring money into Intel Media, which is a new venture designed to take on cable companies. It's going to be an internet-based TV service, which is said to have a nicer interface.
Intel is a chip company with almost no consumer software experience, so it will be interesting to see what exactly happens with Intel Media.