Intel Appoints Tech Industry Leader Pat Gelsinger as New CEO

By Benzinga3 days ago

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News Highlights:

  • Bob Swan will remain in CEO role until February 15
  • Intel expects to exceed its previously communicated guidance for fourth-quarter 2020 revenue and earnings per share (EPS). Full fourth-quarter results will be released Jan. 21, 2021, as scheduled.
  • The company has made strong progress on its 7nm process technology and will provide an update on its Jan. 21 earnings call.

Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective Feb. 15, 2021. Gelsinger will also join the Intel board of directors upon assuming the role. He will succeed Bob Swan, who will remain CEO until Feb. 15.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210113005609/en/

Pat Gelsinger will become CEO of Intel on Feb. 15. 2021. (Photo: Business Wire)

Today's announcement is unrelated to Intel's 2020 financial performance. Intel expects its fourth-quarter 2020 revenue and EPS to exceed its prior guidance provided on Oct. 22, 2020. In addition, the company has made strong progress on its 7nm process technology and plans on providing an update when it reports its full fourth-quarter and full-year 2020 results as previously scheduled on Jan. 21, 2021.

Gelsinger is a highly respected CEO and industry veteran with more than four decades of technology and leadership experience, including 30 years at Intel where he began his career.

“Pat is a proven technology leader with a distinguished track record of innovation, talent development, and a deep knowledge of Intel. He will continue a values-based cultural leadership approach with a hyper focus on operational execution,“ said Omar Ishrak, independent chairman of the Intel board. “After careful consideration, the board concluded that now is the right time to make this leadership change to draw on Pat's technology and engineering expertise during this critical period of transformation at Intel. The board is confident that Pat, together with the rest of the leadership team, will ensure strong execution of Intel's strategy to build on its product ...

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