Pat Gelsinger will become Intel's CEO on February 15, 2021. (Photo: Business Wire)
News Highlights:
-
Bob Swan will remain CEO until February 15th
-
Intel expects to beat its previously issued guidance for revenue and earnings per share (EPS) for the fourth quarter of 2020. Full fourth quarter results will be released as scheduled on January 21, 2021.
-
The company has made significant progress with its 7nm process technology and is expected to provide an update during its earnings call on January 21st.
SANTA CLARA, Calif.–(BUSINESS WIRE)–Intel today announced that its Board of Directors has appointed Pat Gelsinger, a 40-year technology industry leader, as the company's new Chief Executive Officer, effective February 15, 2021. Gelsinger will also join Intel's Board of Directors at that time. Gelsinger succeeds Bob Swan, who will remain as CEO until February 15.
This press release contains multimedia. View the full release here: https://www.businesswire.com/news/home/20210113005609/en/
Pat Gelsinger will become Intel's CEO on February 15, 2021. (Photo: Business Wire)
Today's announcement is unrelated to Intel's 2020 financial results. Intel expects its fourth quarter 2020 revenue and EPS to exceed its previous guidance provided on October 22, 2020. In addition, the company is making significant progress on its 7nm process technology and plans to provide an update when it reports its fourth quarter and full year 2020 earnings, previously scheduled for January 21, 2021.
Gelsinger is a highly respected CEO and industry veteran with more than 40 years of technology and leadership experience, including 30 years at Intel where he began his career.
“Pat is a proven technology leader with an exceptional track record of innovation, people development and deep Intel knowledge. He will continue our values-based cultural approach to leadership with a strong focus on execution,” said Omar Ishrak, independent chairman of Intel's board of directors. “After careful consideration, the board concluded that now is the right time to make a leadership change to leverage Pat's technology and engineering expertise at this critical time of Intel's transformation. The board is confident that Pat, along with the rest of the leadership team, will ensure Intel's strategy is executed to strengthen Intel's product leadership and capitalize on the significant opportunities ahead as we continue our transformation from a CPU to a multi-architecture XPU company.”
“I am excited to rejoin Intel to lead the company at this critical time for our company, our industry and our nation,” said Gelsinger. “Having begun my career at Intel and studied under Grove, Noyce and Moore, it is an honor and privilege to return in a leadership role. I greatly value the company's rich history and powerful technologies in building the world's digital infrastructure. I believe Intel has great potential to continue to reinvent the future of technology, and I look forward to working with the incredibly talented global Intel team to accelerate innovation and create value for our customers and shareholders.”
“The board and I are deeply grateful for Bob Swan's leadership and significant contributions during Intel's transformational period,” Ishlack continued. “Under his leadership, Intel made significant progress on its strategy to transform into a multi-architecture XPU company to capitalize on market shifts and expand Intel's reach into high-growth markets. Bob also played a key role in reinvigorating the company's culture to better execute on our product and innovation roadmap. He leaves Intel in a strong strategic and financial position, and I appreciate his continued guidance as I work with Pat to ensure a smooth leadership transition.”
“My goal over the past two years has been to position Intel for a new era of distributed intelligence, improve execution to strengthen our core CPU franchise, and expand our reach to accelerate growth,” said Swan. “With significant progress made on these priorities, the time is right to make the transition to Intel's next leader. I fully support the board's selection of Pat and am confident that under his leadership, and the rest of the executive team, Intel will continue to lead the market as one of the world's most influential technology companies.”
Gelsinger has served as VMware's CEO since 2012, where he has significantly transformed the company into a globally recognized leader in cloud infrastructure, enterprise mobility and cyber security while nearly tripling the company's annual revenue. Prior to VMware, he was president and chief operating officer of EMC Information Infrastructure Products, overseeing the engineering and operations of information storage, data computing, backup and recovery, RSA security and enterprise solutions. Prior to EMC, Gelsinger spent 30 years at Intel, where he served as the company's first chief technology officer, driving the creation of key industry technologies such as USB and Wi-Fi. He was the designer of the original 80486 processor and led 14 microprocessor programs, playing a key role in the Core and Xeon families.
About Intel
Intel (Nasdaq: INTC) is an industry leader creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continually work to advance semiconductor design and manufacturing to help solve our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the full potential of data to transform business and society for the better. More information on Intel's innovations is available at newsroom.intel.com and intel.com.
© Intel Corporation. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be property of others.
Forward-Looking Statements
Statements in this press release regarding future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipate,” “expect,” “intend,” “goals,” “plan,” “believe,” “seek,” “estimate,” “continue,” “may,” “will,” “would,” “should,” “could” and variations of these words and similar expressions are intended to identify such forward-looking statements. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements regarding market opportunities and expected trends in our business or related markets, also identify forward-looking statements. All forward-looking statements contained in this release are based on management's expectations as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially are described in Intel's earnings release dated October 22, 2020, included as an exhibit to Intel's Form 8-K filed with the SEC on the same day, and in Intel's SEC filings, including its current reports on Forms 10-K and 10-Q. Copies of Intel's Forms 10-K, 10-Q and 8-K reports are available on the company's Investor Relations website at www.intc.com or on the SEC's website at www.sec.gov. Intel does not undertake, and expressly disclaims any obligation, to update statements made in this report, whether as a result of new information, new developments or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210113005609/en/
Trey Campbell
Investor Relations
+1 (503) 696 2829
trey.s.campbell@intel.com
Kara Walker
Media Contact
+1 (503) 696-0831
inquiry
Source: Intel
Released January 13, 2021 at 9:37am ET
