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#CNBCTV: New Intel CEO Pat Gelsinger to focus on execution: Moor Insights’ Moorhead

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New Intel CEO Pat Gelsinger to focus on execution: Moor Insights’ Moorhead

[ VIDEO POST ] Date: 2021-01-13 08:45:43 | Duration: 00:04:00 | Views: 7888 | Likes: 69 | Dislikes: 3

Stacey Rasgon of Bernstein and Pat Moorhead of Moor Insights & Strategy join “Squawk Alley” to discuss the CEO shakeup at Intel, as VMWare CEO Pat Gelsinger is set to replace Bob Swan. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Intel CEO Bob Swan is stepping down effective Feb. 15 and will be replaced by VMWare CEO Pat Gelsinger, the chipmaker announced Wednesday.

Intel’s stock was up about 7% in mid-day trading. VMWare’s stock was down by about 7%.

Swan was named CEO in January 2019 after serving as interim CEO for seven months.

During Swan’s tenure, Intel has suffered blows from competitors. Over the summer, Intel reported that its latest generation chips would be delayed while AMD’s were already shipping inside laptops. Apple announced in the fall that it will use its own proprietary chips in its Mac computers, breaking a 15-year partnership with Intel for its chip supplies.

Dan Loeb’s Third Point hedge fund in December urged Intel’s board to explore “strategic alternatives.” That came after Intel lost market share to competitors AMD, Samsung and TSMC.

Third Point urged Intel to divest from “failed acquisitions” and criticized Intel for its “loss of manufacturing leadership.” The firm recently took a roughly $1 billion stake in Intel, according to Reuters.

Following the news of Swan’s departure, Loeb called him “a class act” and said he “did the right thing for all stake holders stepping aside for Gelsinger.”

Critics have pointed to the fact that Intel’s chief executive did not come from a technical background, having previously served as CFO. With Gelsinger, that will no longer be the case. Gelsinger previously worked at Intel, eventually becoming its first chief technology officer.

Intel said the announcement was separate from its financial results and said it expects fourth quarter 2020 revenue and earnings to exceed prior guidance. The company said it “has made strong progress” on its latest generation 7 nanometer chips, which it said it would discuss when it reports earnings on Jan. 21.

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16 thoughts on “#CNBCTV: New Intel CEO Pat Gelsinger to focus on execution: Moor Insights’ Moorhead

  1. Avatar John Daniel says:

    They Listened To Customers and Fired Intel CEO.And Hired A Engineer Like Lisa Su. Intel Is Still 14nm++++++++++. They are now asking TSMC for help. Shame on Them. They stopped innovating thinking they were a monopoly and failed miserably.

  2. Avatar Aditya Sen says:

    Sanjay Ponen may take new CEO role

  3. Avatar Sergi Medina says:

    AMD is going to suffer again soon, and fanboys/ignorant investors along with it. Especially at its valuation!

  4. Avatar J N says:

    No way Pat was going to return with Andy Bryant on the board. Now that Andy is gone, and the legacy players at Intel are gone, it's the perfect time to return. Great way to Pat to end his career in tech by relaunching Intel's success.

  5. Avatar A L says:

    Swan made $100M in 2019, who wouldn't want that job?

  6. Avatar billy q says:

    musical chairs at Intel.

  7. Avatar pkasb90 says:

    Let's see what Gelsinger will do.

  8. Avatar Titus P says:

    Bob swan is the bad cfo but worse ceo …. miscommunication 20% profit growth of 20% stock price decline. Tech decision need to be made by tech management.

  9. They may have to consider an ARM offering

  10. OMG 😍💋 💝💖❤️

  11. Avatar D Lafrance says:

    He is the head of executions? 🤣😂🤣😂

  12. intel has long road ahead… they are behind in design and production

  13. Avatar Kubush says:

    RIP AMD. Kids and tech illiterate dads are going to be sad lol.

  14. Avatar mrpmj00 says:

    DON'T drive at all and work remotely.

    buy AMAZON, FACEBOOK, NVIDIA,

    capitol riot means a covid19 petri dish; we need another lockdown.

    we have streaming and don't need to travel or go to a commercial theater and avoid

    covid19, mass shooting (gun sales doubled in 2020), police killing nonwhites like George
    Floyd, and exploding RVs like in

    Nashville, capitol rioters bringing pipe bombs

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