Intel announces new CEO
Intel (INTC) stock fell 3% following the company’s announcement of its next CEO, Bob Swan. The stock also fell 3.4% after former CEO Brian Krzanich resigned last June, when the company started reviewing internal and external candidates for the post. Appointing a permanent CEO was Intel’s priority this year.
Swan joined Intel in 2016 as CFO and was named interim CEO after Krzanich’s resignation. The CFO position is set to be taken up by vice president of finance Todd Underwood while the company searches for a new CFO.
Are investors disappointed with Intel’s new CEO?
Serving as Intel’s CEO would be an especially challenging role considering the chip giant’s ongoing transition to becoming a data-centric company. It’s also facing competition from Advanced Micro Devices (AMD) and 10nm (nanometer) delays. Intel’s CEO will have to make some very important decisions, reassuring investors about its 10nm process and innovation. It remains to be seen whether Swan can handle the technical and manufacturing challenges Intel is facing.
Among the company’s CEO candidates were former Motorola Mobility CEO Sanjay Jha, former Qualcomm Datacenter Technologies president Anand Chandrasekher, Intel chief engineering officer Venkata Renduchintala, and Apple’s senior vice president of hardware technologies, Johny Srouji.
The above candidates all have experience in chip manufacturing with a strong focus on data centers. Swan brings experience in senior financial roles for eBay, Hewlett Packard Enterprise, Electronic Data Systems, and General Electric, and as CEO of Webvan, an online grocery store. Intel chairman Andy Bryant, in a press release, stated that Swan was appointed based on his performance as interim CEO, during which time Intel reported record earnings.
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