Reuters

(Reuters)

Intel Shakes Up Management, Taps Krzanich as COO

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Intel Corp unveiled a string of management changes on Friday, elevating 20-year company veteran and manufacturing expert Brian Krzanich to the post of chief operating officer.

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The reshuffle comes the day after the company reported fourth-quarter results that beat Wall Street's moderate expectations. On Thursday, Intel also said it would sharply increase capital spending in 2012, quickening efforts to catch up in the tablet and smartphone markets.

Krzanich, 51, will continue to oversee worldwide manufacturing for the world's top chipmaker, while handling internal operations as well.

The company is also promoting or redeploying several other executives across its chip architecture, manufacturing, and data-center businesses.

Dadi Perlmutter assumes the mantle of chief product officer, while continuing to helm the Architecture Group. Bill Holt, the company's tech-development chief, now reports directly to Chief Executive Officer Paul Otellini.

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Kirk Skaugen becomes Intel's new PC Client Group chief, reporting to Perlmutter. Diane Bryant succeeds Skaugen as general manager of the data-center business.

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And Kim Stevenson, head of IT Global Operations and Services, succeeds Bryant as chief information officer.

All management changes will take effect over the next 30 days, Intel said in a statement.

Shares in the company gained 1.6 percent to $26.04 in midday trade as Wall Street welcomed its solid quarterly results. Several brokers, including Citigroup and Barclays, raised their target prices on the stock. (Reporting by Edwin Chan; Editing by Lisa Von Ahn and Gerald E. McCormick)

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