- Push-out Score determined
- After less than three years in the position
- Praise and thanks for Swan
- Pat Gelsinger taking over
- Swan said 98 words
(exechange) — Santa Clara, California, January 13, 2021 — Bob Swan, chief executive of Intel, leaves. As announced by Intel Corp. in a news release on Wednesday, January 13, 2021, Robert H. (Bob) Swan leaves his post as chief executive officer of the semiconductor giant after less than three years in the role, effective February 15, 2021.
The announcement of Bob Swan’s move comes 12 months after Omar Ishrak took over as Chairman of Intel Corp.
Bob Swan’s duties as CEO will be taken over by Patrick Peter (Pat) Gelsinger, currently chief executive officer of VMware.
The fact that Bob Swan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Critical period of transformation”
Bob Swan’s departure from the CEO post is explained as follows. Omar Ishrak, independent chairman of the Intel board, said: “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.”
Precise information regarding Bob Swan’s future plans was not immediately available.
Intel said: “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.”
Share price decline since January 2020
The announcement follows a decline in Intel Corp.’s share price of 12% since January 2020.
Chaired by Omar Ishrak
Omar Ishrak serves as Intel Corp.’s Chairman.
Omar Ishrak was elected to Intel’s board of directors in March 2017 and was named chairman of the board in January 2020.
In the position of CEO since 2018
Bob Swan became CEO of the Company in 2018.
Robert H. Swan has been a director and CEO of Intel since January 2019.
Swan served as the interim CEO and Executive Vice President, CFO of Intel from June 2018 to January 2019, and previously served as Executive Vice President, CFO since joining Intel in October 2016.
In his capacity as CFO, he oversaw Intel’s global finance organization—including finance, accounting and reporting, tax, treasury, internal audit, and investor relations—IT, Intel Capital, and the Corporate Strategy Office.
Prior to joining Intel, Swan served as an Operating Partner at General Atlantic LLC, a private equity firm, from September 2015 to September 2016.
He also served as Senior Vice President, Finance and CFO of eBay Inc., a multinational e-commerce company, from March 2006 to July 2015.
Previously, Swan served as Executive Vice President, CFO of Electronic Data Systems Corporation, Executive Vice President, CFO of TRW Inc., and as CFO, Chief Operating Officer, and CEO of Webvan Group, Inc.
Swan began his career in 1985 at General Electric (GE), serving for 15 years in numerous senior finance roles.
Swan also serves as a member of the board of directors of eBay Inc. and previously served on the board of directors of Applied Materials, Inc. from 2009 to 2016, and AppDynamics from 2016 to 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bob Swan’s move on a scale of 0 to 10.
exechange reached out to Intel and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2021 ($).