Intel Corp on Thursday promoted Chief Operating Officer Brian Krzanich to CEO, effective May 16.
The company surprised investors last November by suggesting it would consider the possibility of an outside CEO, though even at that time Krzanich was still considered a strong candidate for the job.
Following are analyst reactions to the news:
CODY ACREE, ANALYST, WILLIAMS FINANCIAL GROUP
"It's probably the smoothest transition they could ask for. Brian is very well rounded and very in tune with where Intel is today.
"An external candidate might have been a better choice - with no negative reflection on Brian - simply because of the juncture Intel is at with what's happening in the PC market and the need to take major action outside of PCs.
"Maybe an external candidate with a fresh set of eyes without being beholden to any legacy business division, personnel, or strategy might have been better."
BOBBY BURLESON, ANALYST, CANACCORD GENUITY
"Some people will be disappointed because they were looking for a change in direction."
DOUG FREEDMAN, ANALYST, RBC CAPITAL MARKETS
"I believe he was the consensus pick. So perception or the initial reaction will be steady as she goes.
"He was the obvious choice from the standpoint that they selected the COO as their CEO several times in the past. This removes the risk of uncertainty of an outsider coming in and changing the strategy at the company.
I think the street will perceive it as Intel's strategy remaining consistent."
(Reporting by Sinead Carew and Liana B. Baker)