Intel announced that the board of directors has appointed Pat Gelsinger as the new CEO. He will take up his duties on February 15 this year, at the same time joining the Intel Board of Directors. Bob Swan will remain at the head of the company until February 15th.
Announcing the change of CEO, the company clarified that this decision is not related to the financial performance for 2020. Intel expects fourth-quarter 2020 revenue and earnings per share to exceed the forecast released on Oct.22, 2020. The report for the quarter and the year as a whole is scheduled to be published on January 21, 2021.
Gelsinger is an industry veteran with over forty years, thirty of which he spent at Intel. Since 2012, Gelsinger has been the CEO of VMware, whose annual revenue has nearly tripled under his leadership. Prior to joining VMware, Gelsinger served in a senior management position at EMC, where he moved from Intel. At one time he was the architect of the 80486 processor, led a total of fourteen microprocess development programs, played a key role in the development of the Core and Xeon families.
“I am thrilled to rejoin Intel and lead the company forward at this important time for the company, our industry and our country,” Gelsinger said. “I started my career at Intel and studied with Grove, Noyce and Moore, so I am honored to return as a leader. I have a lot of respect for the company’s rich history and powerful technologies that have created the world’s digital infrastructure. I believe Intel has significant potential to further transform the future of technology and look forward to partnering with Intel’s incredibly talented team to accelerate innovation and create value for our customers and shareholders. ”