Following the departure of Pat Gelsinger, Intel opens the search for a new CEO. A few candidates are on the shortlist. Will Intel put the right person in the right place?
Intel has had a vacancy for the CEO position since Dec. 1. Intel came out with the surprising news Monday that top executive Pat Gelsinger has left the company effective immediately. The 63-year-old Gelsinger resigned his role to enjoy retirement. A severance package of up to $10 million will certainly help with that.
Wanted: new CEO
CFO David Zesner and Michelle Johnston Holthaus are temporarily taking the honors, but the search for a new CEO is already underway. Lip-Bu Tan is a possible contender. Tan is current CEO of the software company Cadence and served on the board of directors at Intel from 2022 until August of this year. He resigned that position because he did not agree with Gelsinger‘s reform plans.
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According to Reuters, Intel is also considering an outside candidate. For example, it is said to be pulling on the sleeve of Matt Murphy, CEO of Marvell Technologies. Intel does not want to leak too much information at this stage of the application process. Names will undoubtedly be linked to the CEO position at Intel in the coming days.
Turning Point
Intel will have to make a very deliberate choice. The chip maker faces a crucial turning point in its long history. The once untouchable chip giant has lost much of its feathers in recent years due to mismanagement. Intel could not maintain its role as a technology leader in the market and saw companies like TSMC, AMD and Nvidia saw the legs from under its throne.
Pat Gelsinger was appointed in 2021 to reconnect with the successes of the past. A task that proved archly difficult even for a man of the house, though Gelsinger seemed to have turned the wheel with ambitious reforms. Investors had little faith in Gelsinger’s plans, and the board of directors also turned against its CEO. Gelsinger was thus pushed to the exit after a long career at Intel.
Which direction Intel takes in 2025 will depend on who gets to sit in the CEO’s chair. Can Intel still turn the tide? That remains an open question for now .