Intel to replace CEO Bob Swan with Pat Gelsinger

Intel Corp has made it clear that it would replace Chief Executive Officer Bob Swan with VMware Inc CEO Pat Gelsinger beginning Feb. 15.

 “Having begun my career at Intel and learned at the feet of Grove, Noyce and Moore, it’s my privilege and honour to return in this leadership capacity,” Gelsinger said in a statement. “I have tremendous regard for the company’s rich history and powerful technologies that have created the world’s digital infrastructure,” he added.

Intel 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.

“From a credibility standpoint, he’s great – he’s probably the one at the top of most people’s list whom they would want to see,” said analyst Stacy Rasgon on Gelsigner’s appointment. “He had a long career there and he’s technical, so he can address both the technical issues and cultural issues. The issue is, what’s the ship looks like that he’s going to be running? The next two or three years are set in stone regardless of who is there,” she added.

“Swan, a former chief financial officer from eBay, had served as Intel’s finance chief and was named its interim CEO when Brian Krzanich resigned in June 2018. Swan was made permanent chief in early 2019 after an extensive search failed to yield an external candidate.