Rumor Mills Focus on Intel’s Next CEO


Nov. 20 2020, Updated 5:13 p.m. ET

Rumors of Intel’s next CEO

Intel (INTC) is making headlines ahead of its fourth-quarter results release (set for January 24), with rumors suggesting that the company may announce its next CEO before the release. Bloomberg has reported that Intel has removed Ampere Computing CEO Renee James, former Motorola Mobility CEO Sanjay Jha, and former Qualcomm (QCOM) executive Anand Chandrasekher from its CEO candidate list.

According to Axios, Apple’s (AAPL) senior vice president of Hardware Technologies, Johny Srouji, has been added to that list. His team developed Apple’s first custom A4 processor in 2008, and he worked for Intel’s Israel operations between 1990 and 2005, which could benefit his candidacy.

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Intel’s stock movements

Intel has been without a permanent CEO for six months. Its CFO, Bob Swan, is the interim CEO, but he does not plan to take on the role permanently. Until now, Intel has been promoting its own veterans to the role. Bloomberg reported that Intel chairman Andy Bryant told some employees that he may choose a “non-traditional” candidate, which may mean someone outside the company.

More names could be added to Intel’s CEO candidate list in the next few days. Intel stock fell 18.2% between June 21 and October 24 after it announced CEO Brian Krzanich’s abrupt resignation. The stock then recovered after Intel announced record third-quarter earnings and guidance.

Intel has not commented on the rumors. However, its stock could fluctuate amid the anticipation of its CEO selection.

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