Monday, 25 January, 2021

Shares rise as tech company Intel replaces its chief executive

Intel CEO Bob Swan to Step Down in February Intel appoints Pat Gelsinger as new CEO - Industry - News - HEXUS.net
Ginger Lawrence | 13 January, 2021, 22:19

Swan was made permanent chief in early 2019 after an extensive search failed to yield an external candidate.

Gelsinger is now CEO of software firm VMware but spent 30 years at Intel and also served as chief operating officer of EMC's Information Infrastructure Products division, the company said.

Intel said Wednesday that the change in leadership is unrelated to its financial performance past year.

Sources familiar with the matter told Reuters that Gelsinger had turned down the top Intel job before, and it was not immediately clear what had changed his mind.

Intel acknowledged in late December that it had received a letter from the NY fund and was working with it on ideas "regarding enhanced shareholder value".

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Activist investor Third Point LLC last month sent Intel's board a letter asking it to consider whether to keep its chip design and manufacturing operations under one roof. The delay is now causing Intel-a USA company that invests billions in chipmaking- to consider using an outside foundry, such as TSMC or Samsung, to produce its 7nm processors in the future. "Intel's plan to roll out its 7-nanometer node late 2022 or early 2023 will place the Company several years behind its Asian peers for at least the first half of this decade".

Gelsinger has been the CEO of Dell-owned VMware since 2012. He spend most of that time with Intel Corp., where he began his career.

Swan, a former chief financial officer at Intel, assumed interim leadership in 2018 after CEO Brian Krzanich resigned after the company learned of what it called a past, consensual relationship with an employee.

Intel CEO Bob Swan is to step down as of February 15, according to CNBC.