Signage outside Intel headquarters in Santa Clara, California, on January 30, 2023.
Intel is considering hiring an external candidate to replace outgoing CEO Pat Gelsinger, with the company having hired executive search firm Spencer Stuart to identify potential successors. Additionally, Intel’s board has reached out to former director Lip-Bu Tan to gauge his interest in taking on the top job at the struggling chipmaker.
A non-internal CEO appointment would mark a departure from Intel’s tradition of promoting from within. However, Gelsinger’s predecessor, Bob Swan, was also an outside hire, albeit considered a stop-gap CEO before being ousted due to pressure from activist investor Third Point.
While the shortlist of candidates has not been fully disclosed, Marvell chief Matt Murphy is among those reportedly being considered. Representatives for Intel, including Gelsinger’s successor, have not commented on the matter.
Interim executive chair Frank Yeary and a board-level committee are overseeing the search for a new CEO, with the process still in its early stages. Intel may opt to promote an internal candidate, such as CFO David Zinsner or Intel products chief MJ Holthaus, to the top role.
Gelsinger was abruptly removed as CEO over the weekend, with the board reportedly losing faith in his ability to execute a turnaround at the company, which has been lagging behind Nvidia for over a year. Gelsinger is set to receive around $10 million in severance compensation. This is a developing story, and updates will be provided as more information becomes available.