Today is Brian Krzanich’s first official day as Intel CEO, and he’s not tiptoeing around one of the biggest challenges his company is facing right now: keeping up with rival ARM Holdings in the mobile processor market.
“We see that we’ve been a bit slow to move into that space,” Krzanich admitted Thursday at Intel’s annual meeting with shareholders, as reported by Ian King of Bloomberg News.
Intel, the world’s largest chip maker with $53.3 billion in revenue in 2012, is being hit hard by the PC market’s steady decline.
Meanwhile, it hasn’t had much success in the $85 billion mobile-chip market, where ARM processors power the vast majority of smartphones and tablets. Apple, Samsung, Qualcomm and Nvidia all build chips based on ARM’s designs.
Intel last year rolled out its first smartphone processor, called Medfield, but it is only available in devices sold in Europe and Asia. Intel in February unveiled Clover Trail+, its revamped Atom-based mobile processor, which is supposed to offer faster performance and better graphics than its previous Atom chips. It’s not clear if or when Clover Trail+ smartphones will be available in the US.
Krzanich, a 30-year Intel veteran who was previously COO, was named to succeed departing CEO Paul Otellini on May 2. He’s the sixth CEO in Intel’s 45-year history.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.