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Ian King, Bloomberg News
(Bloomberg) Intel Corp.âs incoming Chief Executive Officer Pat Gelsinger is luring back talent to worldâs largest chipmaker before he even officially returns.Sunil Shenoy will rejoin Intel as senior vice president of the Design Engineering group effective Feb. 1, the Santa Clara, California-based company said in a statement Wednesday. When he left in 2014, Shenoy was head of Intelâs platform engineering group, a narrower role to the one heâs assuming now.
Glenn Hinton, a former Intel Senior Fellow who led the development of a key chip design, also returned to the company recently in a senior engineering role. Shenoy and Hinton will report to outgoing CEO Bob Swan until the middle of February, and then to Gelsinger who officially rejoins Intel on Feb. 15.Gelsinger, who previously spent 30 years at Intel, said heâs bringing back the style of management he learned from the founders, notably Andy Grove. Before Swan, Intel had always b
News is breaking that Intel has announced that Pat Gelsinger, CEO of VMWare, is to take the role of CEO at Intel from February 15th.
Intel today has released a press statement saying that current CEO Bob Swan (who we interviewed only a few days ago!) is to step down in his role, and be succeeded by Pat Gelsinger. Gelsinger, a veteran of the industry, has spent over 40 years at companies such as VMWare, EMC, and spent 30 years previously at Intel, reaching the potisition of Chief Technology Officer. In that role he drove creation of standards such as USB, Wi-Fi, he was the architect of the 80486, and played key roles in 14 generations of Intel Core and Xeon processors. As CEO of VMWare since 2012, Pat has overseen a tripling of annualized revenue to make VMWare a recognized global leader in global infrastructure and cyber security.
Activist investor Third Point is pushing for a turnaround at
Morgan Stanley wrote Wednesday that the company has a long way to go.
Intel (ticker: INTC) shares retreated 1.5% to $48.63 in midday Wednesday trading. That follows a 4.9% Tuesday rally in the stock on the news that Third Point had taken a $1 billion stake.
The hedge fund’s Tuesday letter reiterated several well-known concerns about Intel’s business: manufacturing issues, competition from
Advanced Micro Devices (AMD), talent retention, and the threat of companies such as Apple making their own chips.
For those reasons, Morgan Stanley analyst Joseph Moore predicted 2021 will be a challenging year for the company, despite activist involvement.