Since the end of December last year, the US hedge fund Third Point advocated that Intel should transform as soon as possible. On Wednesday (13th) Intel announced that CEO Robert Holmes Swan will officially step down on February 15.
Intel said that after Swann’s resignation, VMware CEO Patrick Gelsinger (Pat Gelsinger) will take over his position.
Gelsinger received an associate degree in electrical engineering from Lincoln Institute of Technology in 1979, a bachelor’s degree in electrical engineering from Santa Clara University in 1983, and a master’s degree in electrical engineering from Stanford University in 1985.
Gelsing worked in Intel’s processor and server business for 30 years, and then moved to become the CEO of EMC and VMWARE.
Intel Chairman Omar Ishrak mentioned in the latest statement that, after careful consideration, the board of directors concluded that it is the right time for leadership changes to make full use of Gelsinger’s technology and engineering expertise during the critical period of Intel’s transformation.
Omar Ishrak wrote that Gelsinger and other members of the leadership team will ensure the strong execution of Intel’s strategy to establish its product leadership and take advantage of the major opportunities in the future to continue its transformation from CPU to XPU.
Gelsinger said: “I am excited to return to Intel. I have great respect for Intel’s rich corporate history and the powerful technology that has created the world’s digital infrastructure. I believe that Intel has great potential to continue to reshape the future of technology and look forward to it. Collaborate with the talented Intel global team to accelerate innovation and create value for our customers and shareholders.”
Major shareholders pressure Intel to change as soon as possible!
Shi Wang joined Intel in 2016 as the chief financial officer. Two years later, Intel CEO Brian Krzanich resigned due to office romances that violated company policies. Shi Wang was favored by the board of directors and was airborne as acting CEO. In 2019 Wang formally took over as CEO.
During Swan’s tenure, Intel experienced multiple delays in chip manufacturing, personnel turmoil, and successive losses in the mobile phone chip business, allowing rival AMD to seize the opportunity to grab the market. It also lost Apple MAC chip orders. Recently, it was reported that it would outsource chip manufacturing to TSMC and Samsung. .
Daniel Loeb, who is in charge of Third Point, sent a letter on December 30 last year asking Intel to reform as soon as possible, explore strategic alternatives, and actively transform, intending to revive the fate of Intel, the American semiconductor giant.
Hedge Fund Third Point recently acquired Intel for 1 billion yuanUSDA large number of shares of the company became Intel’s major shareholder.
Rob called on Intel to consider splitting its chip design and production business and outsourcing more chips, because Intel’s loss of manufacturing capacity and some mistakes have allowed competitors to replace Intel through Samsung and TSMC and gain a considerable market share.
Intel responded at the time, welcoming all investors’ opinions on improving shareholder value. In this spirit, Intel will cooperate with Third Point to increase shareholder value.
Rob tweeted on Wednesday (13th) that Swann’s performance was top-notch. He did the right thing for all stakeholders and abdicated to Gelsinger.
Intel will release its fourth-quarter financial report next week. The company said that sales and earnings per share (EPS) will exceed previous financial estimates and is expected to achieve record annual revenue.
Affected by this news, Intel soared by more than 12% before the market on Wednesday, and Intel (INTC-US) The stock price also skyrocketed by more than 8%, to 57.76 per share. USD。VMWare (VMW-US) The stock fell more than 5%.
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