At the beginning of May, Intel announced that the company's board had elected Brian Krzanich as Chief Executive Officer. Krzanich assumed his position as CEO on May 16 and it seems he has wasted no time getting started on his new job.
Intel today revealed its first acquisition since Krzanich took over the role of chief executive. AllThingsD reports receiving confirmation from Intel that it will acquire ST-Ericsson's satellite navigation chip business unit. Apparently, the joint venture is losing money for STMicroelectronics and Ericsson and is being dissolved. Intel is going to relieve the two companies of this one division in order to boost its profile in the mobile arena.
Intel has yet to release an official statement on the acquisition and has not revealed financial details of the deal to anyone. We're also keen to know if this deal was already in the works prior to Krzanich's appointment or if he led the charge. We'll keep you posted on that information if and when it becomes available.