In a nutshell: Intel is reportedly considering hiring an external candidate as its next CEO following Pat Gelsinger's sudden departure. The company has enlisted executive search firm Spencer Stuart to help identify potential successors, according to sources familiar with the matter.
For a company that has traditionally promoted CEOs from within its ranks, considering an outsider to lead would mark a significant departure from Intel's long-standing practices. Since its founding in 1968, only one CEO – Bob Swan in 2019 – was hired externally, and even he was regarded as a temporary solution following Brian Krzanich's resignation.
As for potential successors, external candidates remain largely speculative. However, rumors suggest Marvell CEO Matt Murphy is among those being considered.
On the internal front, CFO David Zinsner and interim co-CEO MJ Holthaus are reportedly in the running, while recently departed board member Lip-Bu Tan has also been approached about the position.
Intel's openness to outside leadership underscores the challenges it faces and the urgency to set its turnaround plans into motion.
Also read: What's next for Intel: Split, sell, or shut down the fabs?
Under Pat Gelsinger's brief tenure, following his move from VMware in 2021, Intel continued to lose market share to competitors like Nvidia while grappling with persistent product delays and manufacturing challenges. This year alone has been marked by a whirlwind of setbacks, including poor financial performance, job cuts, CPU crashes, and yield issues.
Compounding these struggles, analysts predict that Intel's ambitious efforts to revamp its manufacturing processes won't deliver significant financial improvements until at least late 2025. Given this backdrop, it's unsurprising that Intel's board is seeking a fresh, external perspective to steer the company toward recovery.
Bloomberg reports that Intel may also consider former executives who departed during previous leadership transitions. Such candidates could offer a mix of internal familiarity and fresh perspectives. Among the names floated are ex-CFO and current board member Stacy Smith, former PC unit head Gregory Bryant, Ampere Computing CEO and one-time Intel president Renee James, and Kirk Skaugen, who previously led the company's data center business.
Another intriguing possibility involves executives from Intel's key customers with in-house chipmaking expertise. For instance, Apple's Johny Srouji could emerge as a strong candidate, bringing insights from one of the industry's most successful chip design operations.
Intel breaks tradition, opens CEO search to outside candidates
