After only two years on the job, Bob Swan has been ousted from his role as chief executive officer of Intel. Swan’s removal was confirmed by a press release shared by Intel today, which noted that his last day would be February 15. Replacing Swan is VMware CEO Pat Gelsinger, whose 40-year experience in the industry will hopefully be enough to right what some critics say is a slowly sinking ship.
“I am thrilled to rejoin and lead Intel forward at this important time for the company, our industry and our nation,” said Gelsinger. “Having begun my career at Intel and learned at the feet of Grove, Noyce and Moore, it’s my privilege and honor to return in this leadership capacity. I have tremendous regard for the company’s rich history and powerful technologies that have created the world’s digital infrastructure. I believe Intel has significant potential to continue to reshape the future of technology and look forward to working with the incredibly talented global Intel team to accelerate innovation and create value for our customers and shareholders.”
“My goal over the past two years has been to position Intel for a new era of distributed intelligence, improving execution to strengthen our core CPU franchise and extending our reach to accelerate growth,” said Swan. “With significant progress made across those priorities, we’re now at the right juncture to make this transition to the next leader of Intel. I am fully supportive of the board’s selection of Pat and have great confidence that, under his leadership and the rest of the management team, Intel will continue to lead the market as one of the world’s most influential technology companies.”
Swan had been CEO at Intel since January 2019. We are hearing that investors are cheering at the news of his removal, which is expected, being that Intel had slipped behind various competitors such as AMD and NVIDIA during his tenure. In addition to chip production troubles, the company is also stressing with the loss of major customers such as Apple, which is dumping Core processors for its in-house, ARM-based M1 SoCs.