After only two years: CEO Bob Swan will leave on February 15 and will be replaced by Pat Glasinger – CEO of VMWare and who has worked at Intel for 30 years
Source: Intel
After a very challenging year for Intel, one of the largest chip makers in the world, the company announced today (Wednesday) that its CEO – Bob Swan – is leaving the company. Swan will be replaced by Pat Glaser, CEO of VMWare.
Exchanges after a difficult year
Swan was announced as CEO of Intel about two years ago – in January 2019, when he came to replace Brian Krasnich, who retired from his position and the company’s board of directors after learning that he had a relationship in full agreement with an Intel employee. Swan was also the company’s interim CEO for the seven months prior to his official appointment. According to reports abroad, about a week ago, Swan spoke with one of the partners in its Third Point activist fund about a billion dollars in holdings at Intel – a sign that often implies a change of government.
The announcement of Swan’s departure comes after a difficult year for Intel, in which all competitors competed for blood in the water and went on the attack. This year Intel saw Apple announce its abandonment in favor of manufacturing processors under Apple’s Silicon division (and has already released first chips without chips), with NVIDIA significantly strengthening and acquiring ARM and even Microsoft starting to make voices of a chip player with the announcement that it will operate to manufacture ARM processors To her computers.
An announcement issued by Intel states that the change of CEOs will take place as early as next month, on February 15 – with the official departure of Swan. The announcement also states that Intel expects to exceed the company’s forecasts for the fourth quarter of 2020 – both in revenue and earnings per share (EPS).
Glasinger is making a comeback to Intel’s offices in Santa Clara, after moving to the company for 30 years – after which he left for senior positions at EMC and, as mentioned – as CEO of VMWare. He was part of the development of technologies that are the basis for products that are in every pocket and home today like USB and the WiFi standard.
Following the announcement of the change of leadership, Intel’s stock jumps 10% in Wall Street trading. VMWare shares, on the other hand, are losing 5% after the announcement that the company’s CEO is leaving in favor of the impressive comeback at Intel.
A source at Intel Israel referred to the change of government in the company and said that the appointment of the new CEO is very good for the company in general and for Israel in particular. This is a highly esteemed man who knows the Israeli site and appreciates his contribution. A manager who has held various technological positions at Intel for 30 years, a respected and outstanding CEO in the United States, who has visited Israel many times, has worked here on many projects and has a tremendous appreciation for Intel Israel. “
Oshri Alexelsi
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