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.
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.
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the full release here:
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Pat Gelsinger will become CEO of Intel on
Feb. 15. 2021. (Photo: Business Wire)
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.
About Intel
Intel (Nasdaq: INTC), is an industry leader, creating
world-changing technology that enables global progress and enriches
lives. Inspired by Moore’s Law, we continuously work to advance the
design and manufacturing of semiconductors to help address our
customers’ greatest challenges. By embedding intelligence in the
cloud, network, edge and every kind of computing device, we unleash
the potential of data to transform business and society for the
better. To learn more about Intel’s innovations, go to
newsroom.intel.com and intel.com.
© Intel Corporation. Intel, the Intel logo, and other Intel
marks are trademarks of Intel Corporation or its subsidiaries.
Other names and brands may be claimed as the property of
others.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210113005609/en/
Trey Campbell Investor Relations +1 (503) 696 2829
trey.s.campbell@intel.com
Cara Walker Media Relations +1 (503) 696-0831
cara.walker@intel.com
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