Intel CEO Swan to step down after investor pressure

Cornelia Mascio
Gennaio 13, 2021

Bob Swan speaks during an Intel press event for CES 2020 in Las Vegas in January 2020.

Intel Corp chief executive officer Bob Swan is stepping down Feb 15 and will be replaced by the head of VMWare, Pat Gelsinger.

Intel on Wednesday also said that it expects to beat its financial forecast for the fourth quarter of 2020 and that it has made "strong progress" in addressing issues with its 7-nanometer chip manufacturing technology.

While Intel remains one of the world's leading chip companies, it has lagged behind rivals in the fast-growing segment of mobile devices, and its chips are being phased out by Apple, which is developing its own microprocessors for its Mac computers.

The company's shares were up almost 10 per cent in early trading. The delay is now causing Intel-a United States 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. Last July, Intel announced that its 7nm process had a defect, forcing the company to postpone its launch until late 2022 to early 2023. Intel is expected to make the decision this month.

Gelsinger joined Intel when he was 18, and the company helped him attend Santa Clara University and Stanford University as he spent 30 years there.

The Santa Clara, California, company said Wednesday that the change in leadership is unrelated to its financial performance a year ago, but the surprise shakeup followed several weeks of investor activism by hedge fund Third Point, which had pushed for big changes.

Intel spokesman William Moss said Wednesday the changeover "was not driven by Third Point".

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE