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Intel's board of directors has elected current president and chief operating officer Paul Otellini as its next chief executive, succeeding Craig Barrett, who was named new chairman of the board.

The changes will take effect at the company's next shareholder meeting, scheduled for next May.

Barrett will replace Andrew Grove as chairman, with Grove assuming the role of senior advisor to the board and senior management. He will no longer serve on the board. Grove said Otellini and Barrett were the right team to lead Intel.

Otellini has been with Intel since 1974. He was elected company president and chief operating officer in January 2002. Barrett also joined Intel in 1974 and has been chief executive since 1998.

Scarlet Pruitt writes for IDG News Service

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