Intel Appoints Tech Industry Leader Pat Gelsinger as New CEO

FrgMstr

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https://hardforum.com/threads/are-w...essors-anymore.2006137/page-3#post-1044885396

Intel Appoints Tech Industry Leader Pat Gelsinger as New CEO​


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.
SANTA CLARA, Calif., Jan. 13, 2021 – 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.

Intel-Pat-Gelsinger-213x300.jpgIntel Corporation’s board of directors has named Pat Gelsinger as its CEO. He will take on the role on Feb. 15, 2021.
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 leadership and take advantage of the significant opportunities ahead as it continues to transform from a CPU to a multi-architecture XPU company.”

“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.”

“The board and I deeply appreciate Bob Swan for his leadership and significant contributions through this period of transformation for Intel,” continued Ishrak. “Under his leadership, Intel has made significant progress on its strategy to transform into a multi-architecture XPU company to capitalize on market shifts and extend Intel’s reach into fast-growing markets. Bob has also been instrumental in reenergizing the company’s culture to drive better execution of our product and innovation roadmap. He leaves Intel in a strong strategic and financial position, and we thank him for his ongoing guidance as he works with Pat to ensure the leadership transition is seamless.”

“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.”

Most recently, Gelsinger served as the CEO of VMware since 2012, where he significantly transformed the company into a recognized global leader in cloud infrastructure, enterprise mobility and cyber security, almost tripling the company’s annual revenues. Prior to joining VMware, Gelsinger was president and chief operating officer of EMC Information Infrastructure Products at EMC, overseeing engineering and operations for information storage, data computing, backup and recovery, RSA security and enterprise solutions. Before joining EMC, he spent 30 years at Intel, becoming the company’s first chief technology officer and driving the creation of key industry technologies such as USB and Wi-Fi. He was the architect of the original 80486 processor, led 14 different microprocessor programs and played key roles in the Core and Xeon families.

Forward-Looking Statements

Statements in this press release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “goals,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” “will,” “would,” “should,” “could,” and variations of such 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 relating to market opportunity and anticipated trends in our businesses or the markets relevant to them, also identify forward-looking statements. All forward-looking statements included in this release are based on management’s expectations as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially are set forth in Intel’s earnings release dated October 22, 2020, which is included as an exhibit to Intel’s Form 8-K furnished to the SEC on such date, and Intel’s SEC filings, including the company’s most recent reports on Forms 10-K and 10-Q. Copies of Intel’s Form 10-K, 10-Q and 8-K reports may be obtained by visiting our Investor Relations website at www.intc.com or the SEC’s website at www.sec.gov. Intel does not undertake, and expressly disclaims any duty, to update any statement made in this report, whether as a result of new information, new developments or otherwise, except to the extent that disclosure may be required by law.

My meme from Monday...

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LFaWolf

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Pat wanted to be CEO when he was there but was not chosen so he left. Now they have gone full circle. He is the right choice now with his tech background
 

vegeta535

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Pat wanted to be CEO when he was there but was not chosen so he left. Now they have gone full circle. He is the right choice now with his tech background
Hopefully he can pull a Lisa Su and right the ship. It will probably be a lot more difficult with Intel tho. Too much bureaucracy there.
 

LFaWolf

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He should. Wife was a big fan of him when they were there. She said he inspired a lot of the engineers. We will see. I am always in favor of tech innovators/engineers leading tech companies
 

Jinto

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Intel stock is going nuts over this. Don't see how he will magically fix things any time soon.
 
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FrgMstr

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There are some huge restructuring changes coming that will change the face of Intel and the marketability of its assets.
 

erek

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Intel will only benefit from having an engineer in the driver's seat instead of a business degree empty suit.
what about profits and shareholders? some if not a lot of engineers may not care about that and could hurt the business model
 

Mav451

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I have to ask - how long will it take for this executive appointment to affect chips that are hitting retail? 3-4 years?
 

Mega6

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I have to ask - how long will it take for this executive appointment to affect chips that are hitting retail? 3-4 years?
If Gelsinger goes to outside fabs, within months. If not, yeah couple years.
 

ChadD

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I have to ask - how long will it take for this executive appointment to affect chips that are hitting retail? 3-4 years?
They replaced a bean counter with a guy that wrote programming guides for x86 chips... and brought us the Intel developer conference. Had they choose him instead of Bob who knows... perhaps Intel would be different right now, or they would be in the same position bringing in a bean counter. Going to be interesting looking back in a year and then a year after that. If Intel doesn't change from here they're likely headed to Tech industry foot note in a decade.

I believe this is a very good move for Intel... will it effect products this week or even this year... sort of not really.

Will it effect stuff that is coming out in a year. Ya... he could decide to double down on the fabs, or he could contract TSMC and probably have something mostly new out by this time next year if he was willing to go aggresive.

I have a feeling though for him to have any success let alone Lisa Su type success he'll have to really clean house first. Probably 1/4 of the mid level management has to go if I'm guessing. I have never been a CEO or anything but for 5 or 6 years of my life I worked for a company that moved me to failing stores every 5-6 months where I got to right the ship. (reward for doing it once I guess) I know even in that much much smaller setting where there was 8-15 employees in each place.... I basically every time had to replace at least 1/4 of them. Not that most of them where bad employees, its just that that level of fail gets ingrained. Some people can't adjust to not sucking anymore. Intel is starting to smell like its got some serious rot in leadership... and that can't be just at the very top.

Anyway good luck to Pat, I have been saying they needed to find a Tech savy CEO and preferably one that worked at Intel and knew what they where dealing with. Seems like they did exactly that. Hopefully he can do what needs done... and hey if a bunch of senior Intel people are on the way out Pat can transform their lives with Christ. (sorry bad joke he was on the board of transform the bay with Christ) lol
 
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jfreund

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what about profits and shareholders? some if not a lot of engineers may not care about that and could hurt the business model
Intel's biggest strength for decades had been execution. It is now there biggest failing. They need a CEO who knows exactly what they do and how their operation works, not a finance guy who is a wiz at moving money around.
 
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ChadD

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Intel's biggest strength for decades had been execution. It is now there biggest failing. They need a CEO who knows exactly what they do and how their operation works, not a finance guy who is a wiz at moving money around.
Exactly its not time to rearrange the deck chairs so those holding first class Intel stock can load their profits. That is what Bob was doing... until those same first class share holders started saying wait wait hold on here, why are we worried about the chairs when the lowest decks are under water (losing a major OEM completely in Apple... and loosing tons of orders from PC OEMs as AMD picks up real Mobile market share) and the upper deck passengers can clearly see the ice burg that is Amazon Graviton 3 just a few months ahead. If Amazons G3 chip is what its expected to be.... Intel is in a ton of hot water. Ya that is just cloud stuff... but it will usher in a even swifter switch to ARM overall. (G2 is pretty much already doing that but by all accounts G3 Is going to destroy Intel and AMD servers in likely all metrics)

Intel needs a CEO that understands the threats ahead, and can make a ton of small right decisions without needing to find people to explain things to them... or worse taking the word of the heads of those depts. Pat will detect BS from the technical managers instantly... Bob shit the bed so bad Intels next i9 is going to have fewer cores then the last. He also seems to have bet Intels future on a 8 core big.Little chip.... that seems like it will be 2 years too late, and probably be embarrassingly less then vs M1 or more likely M2 by the time Intel can get it out. They Fd up bad and its going to hurt for a few years there. Pat is also going to have to battle a institutional feeling of failure after going from #1 to ..... #3 and perhaps even #4 or 5 in terms of highest performing chips.
 
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erek

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New Intel CEO Making Waves: Rehiring Retired CPU Architects

"Fourth and finally, one of the critical elements listed by a number of analysts on the announcement of Gelsinger’s arrival was that he wouldn’t have much of an effect until 3+ years down the line, because of how product cycles work. I rejected that premise outright, stating that Pat can come in and change elements of Intel’s culture immediately, and could sit in the room with the relevant engineers and discuss product design on a level that Bob Swan cannot. Pat has the opportunity to arrange the leadership structure and instill new confidence in those structures, some of which may have caused key architects in the past to retire, instead of build on exciting projects.

As we can see, Pat is already having an effect before his name is even on the door at HQ.

Today is also Intel’s end-of-year financial disclosure, at 5pm ET. We are expecting Intel’s current CEO, Bob Swan, to talk through what looks to be another record breaking year of revenue, and likely the state of play for Intel's own 7nm process node technologies. That last point is somewhat thrown into doubt given the new CEO announcement and if Gelsinger is on the call. It is unknown if Gelsinger will participate."

https://www.anandtech.com/show/16438/new-intel-ceo-making-waves-rehiring-retired-cpu-architects
 

Nside

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what about profits and shareholders? some if not a lot of engineers may not care about that and could hurt the business model
Well, they had a business manager tell them what they wanted to hear partially because he didn't understand the technical issues (or he didn't bother digging into to them, which is more likely)
Engineers tend to want to know exactly where issues stand, and wouldn't be as easily dismissed as someone with no knowledge when addressing concerns to various teams. At the very least, his eyes wouldn't glaze over as he pretends to know what the hell is going on around him like his predecessor.

This is a good move. Competition is good, and this will help keep X86 alive.
 

Jinto

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Was on the fence about Intel stock but decided to buy a bit more. Mostly because the valuation is just so much cheaper compared to its competition and the fab capacity issues at TSMC/Samsung. It gives them some extra time to right the ship. It doesn't matter if there are better products if they are not available for purchase.
 
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