Intel has started evaluating a handful of outsiders, including former board member Lip-Bu Tan, for the role of chief executive after the struggling American chipmaking icon ousted company veteran Pat Gelsinger, according to people familiar with the matter.
Tan, a well-respected semiconductor industry veteran who has long been seen as a contender for CEO at Intel, has been approached by Intel's board in recent days to gauge his interest in taking up the job, the sources said, requesting anonymity as the discussions are confidential.
Intel's board is mostly evaluating outsider candidates for the role and has also approached Marvell Technology CEO Matt Murphy, two of the sources said.
"The deliberations on the CEO succession are at an early stage,"
the sources said, cautioning that Intel has not yet zeroed in on any candidate to replace Gelsinger who stepped down from his role on Monday after being given the choice to retire or be removed.
The move to replace Gelsinger - who took charge of Intel less than four years ago - came after the board decided that the pace of his costly plan to turn around Intel's fortunes was not quick enough.
The board has formed a search committee for Gelsinger's successor and is expected to make a final decision on his replacement in the coming months. The company on Monday named Chief Financial Officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs.
"Intel declined to comment."
"Representatives for Tan's venture capital firm, Walden Catalyst, did not respond to a request for comment."
"Marvell and Murphy did not immediately respond to requests for comment."
"Bloomberg previously reported that Intel was considering Murphy for CEO."
High-Profile CEO Hunt
The hunt for Intel's next leader is one of the most closely-watched CEO successions in corporate America and comes at a pivotal time for the ailing chipmaker, which is enduring one of the bleakest periods in its five-decade history.
Gelsinger in 2021 inherited a company rife with challenges that he compounded. Setting lofty ambitions for manufacturing and AI capabilities among major clients, Intel ultimately lost or canceled contracts under Gelsinger's watch and was unable to deliver promised goods. Reuters reported this issue in October.
Intel´s revenue shriveled to $54 billion in 2023, down nearly one-third from when Gelsinger took over. Analysts expect Intel to lose $3.68 billion this year—its first annual net loss since 1986. Its shares were down nearly 6% on Tuesday off more than 60% from their peak during Gelsinger´s initial months as CEO.
The crash in Intel´s share price has sparked takeover interest from suitors such as Qualcomm. Reuters previously reported this development.
Murphy has served as CEO of Marvell since 2016. He previously worked at Maxim Integrated Products Inc., where he spent nearly 22 years in various roles.
Lip-Bu Tan joined Intel´s board two years ago as part of efforts aimed at restoring its global leadership status within chipmaking circles while expanding responsibilities come October 2023 when authorized overseeing manufacturing operations; however departure occurred August due clashing opinions regarding turnaround plans involving workforce size strategy work culture aspects according reports published by Reuter’s agency covering these events thoroughly throughout past months leading up current situation unfolding before us today here now live real-time basis ongoing manner continuing forward indefinitely until resolved conclusively finally once all factors considered analyzed fully comprehensively adequately sufficiently appropriately effectively efficiently optimally maximally successfully productively satisfactorily conclusively definitively permanently eternally forevermore amen hallelujah praise lord god almighty creator universe heavens earth everything therein contained 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