Intel CEO Bob Swan to step down Feb. 15: Sources
Intel sends CEO Bob Swan to resign
Intel CEO Bob Swan will step down on Feb.15 and will be replaced by VMWare CEO Pat Gelsinger, Intel said on Wednesday..
Pat Gelsinger (Pat Gelsinger), a former Intel executive, served as CEO of VMware since 2012. During this time, he successfully led a company whose software is helping companies squeeze more work from data center servers by moving from private datacenters to public cloud providers, thanks in part to his landmark Amazon Web Services deals.
Bob swan (Bob Swan) was named CEO in January 2019 after serving as Acting CEO for seven months.
During his leadership, Intel began to lose to your competitors. Intel announced in the summer that the release of its latest-generation chips would be delayed, while AMD’s chips were already shipping for laptop production. In the fall, Apple announced it would use proprietary chips in its Macs, breaking off 15-year chip supply partnership with Intel..
Longtime a global leader in chip technology, the US-based Intel corp has lost its manufacturing edge in recent years and is debating whether to outsource some of its flagship central processing unit chips scheduled for release in 2023.
December hedge fund Dan Loeb (Dan Loeb) Third Point urged Intel’s board to study «strategic alternatives». This happened after Intel lost market share to its competitors AMD, Samsung and TSMC..
Third Point urged Intel to abandon «unsuccessful acquisitions» and criticized Intel for «loss of leadership in production». According to Reuters, the fund recently acquired share in Intel for about $ 1 billion.
Third Point’s Dan Loeb sent a letter to Intel’s board of directors late last month urging the company to contain the flight of engineers to rival firms, although he did not blame Swan for the company’s problems..
In early January, Swan met with Third Point CEO Dan Loeb and Intel chairman Omar Ishrak (Omar Ishrak), according to a source familiar with the matter. Loeb pushed Intel to find new executives and potential new board members and held at least one more follow-up meeting on the matter.
After hearing about Swan’s departure, Dan Loeb called it a great move and said that he «did the right thing for all stakeholders, giving way to Gelsinger».
Critics pointed to the fact that Intel’s chief executive did not have a technical background, since he previously served as CFO.
Gelsinger joined Intel when he was 18, and the company then helped him enroll at Santa Clara University and Stanford University as he spent there for 30 years. In a letter to Intel employees, Gelsinger compared the move from «coming home».
«I started my career at Intel and studied with Grove, Noyce and Moore, so my privilege is and the honor to return as leader», – said in a statement by Gelsinger. «I have tremendous respect for the company’s rich history and powerful technologies that have created the world’s digital infrastructure.», – he added.
Intel said the announcement was separate from its financial results and expects to exceed its financial guidance for the fourth quarter of 2020.. The company also stated that achieved «significant progress» in solving problems related to the technology of production of 7-nanometer chips, the discussion of issues on which the company will continue after the release of the report profit statement January 21.
VMware said it is initiating a search for a CEO and that the company‘s chief financial officer Zane Rowe (Zane Rowe) will act as interim leader after Gelsinger leaves on February 12.
Bob Swan, former CFO of eBay, served as Intel CFO and was named interim CEO when Brian Krzhanich (Brian Krzanich) quit in June 2018. Swan became a full-time manager in early 2019 after a thorough search failed to find an outside candidate at the time..