Intel CEO Bob Swan to Step Down – Replaced by VMware CEO Pat Gelsinger

I’m not surprised. Intel have been falling behind (a lot), especially with their desktop processors. Their current Core series of processors are STILL using 14nm process, which was initially launched on their 5th Gen Core (Broadwell) processors back in 2015. That’s 5 years ago and 6 generations later … they’re still using 14nm. Oh dear!

Taken from CNBC … Intel CEO Bob Swan is stepping down effective Feb. 15 and will be replaced by VMWare CEO Pat Gelsinger, the chipmaker announced Wednesday. Intel’s stock was rose nearly 7% on Wednesday. VMWare’s stock fell nearly 7%.

Swan was named CEO in January 2019 after serving as interim CEO for seven months.

During Swan’s tenure, Intel has suffered blows from competitors. Over the summer, Intel reported that its latest generation chips would be delayed while AMD’s were already shipping inside laptopsApple announced in the fall that it will use its own proprietary chips in its Mac computers, breaking a 15-year partnership with Intel for its chip supplies.

Dan Loeb’s Third Point hedge fund in December urged Intel’s board to explore “strategic alternatives.” That came after Intel lost market share to competitors AMD, Samsung and TSMC.

Third Point urged Intel to divest from “failed acquisitions” and criticized Intel for its “loss of manufacturing leadership.” The firm recently took a roughly $1 billion stake in Intel, according to Reuters.

Following the news of Swan’s departure, Loeb called him “a class act” and said he “did the right thing for all stake holders stepping aside for Gelsinger.”

Source: CNBC


Latest Headlines

About Winston 5922 Articles
Winston has over 20 years of experience in the I.T. Industry. He launched Funky Kit with the aim to capture a wider audience worldwide. His knowledge in PC hardware is very distinguished, not only publishing enjoyable reviews but also writing great articles.