CEO Bob Swan resigned on February 15th
New CEO Pat Gelsinger, former Intel engineer
Intel announced that it will replace the CEO. On February 15th, CEO Bob Swan will retire from Intel, and Pat Gelsinger, formerly VMware CEO, will take over.
CEO Bob Swan joined Intel in 2016 as Chief Financial Officer (CFO). After ex-CEO Brian Krzanich was fired in 2018, Bob Swan served as interim CEO for seven months. In January 2019, he became the official CEO, but after two years, he came down from the CEO. Swan CEO is a finance expert with nine years of experience as CFO at eBay before joining Intel.
Pat Gelsinger’s new CEO is from Intel and returns to Intel after 10 years. Gelsinger’s new CEO joined Intel as an engineer at the age of 18, worked for 30 years, became the Chief Technology Officer, and then resigned in 2009. Later, he worked at EMC and was appointed CEO of software manufacturer VMware in 2012.
Gelsinger’s new CEO posted an article on the company’s homepage, saying, “My experience at Intel helped shape my entire career.” Revealed.
This replacement was noticed because it was made at a time when Intel suffered a crisis due to technological stagnation and customer churn. Recently, Intel is being pushed back by Taiwan’s TSMC and Korea’s Samsung Electronics in microprocessing technology. This is because Intel has not been able to enter the process below 7nm. Apple, a major customer of Intel, developed its own central processing unit (CPU) for PCs and launched it on its own computer last year. Amazon and Google are also reducing their dependence on Intel by developing their own data center chips.
In the past year, Intel’s market capitalization has been overtaken by NVIDIA, which had a huge gap in the past. As rival AMD narrowed the gap with Intel in market share, Intel’s crisis theory aggravated. In 2020, the stock price of the semiconductor industry surged by about 50% on average, while Intel fell by 17%.
Among them, Intel’s Third Point at the end of December last year asked Intel to shake off the production part and restructure. Currently, it is known that Intel has decided to entrust the sub-7nm process to TSMC and Samsung Electronics.
According to Bloomberg News on the 13th, the CEO replacement was decided by Intel’s board of directors, not by Thirdpoint’s requirements. “We have decided that this is the right time to change leadership,” said Ohmy Ishirak, chairman of Intel’s board of directors.
As the news of Intel’s CEO replacement was delivered on the 13th, Intel’s stock price rose up to 13%. Intel is expected to announce its fourth quarter last year on January 21st.
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