Intel considers hiring outside CEO to replace Pat Gelsinger, hiring headhunters | Real Time Headlines

Intel Consideration is being given to hiring external candidates to replace Removing CEO Pat Gelsinger The company has hired executive search firm Spencer Stuart to identify potential successors, according to people familiar with the matter.

Intel’s board also reached out to recently departed director Lip-Bu Tan, asking whether he would be interested in taking the top job at the troubled chipmaker, a person familiar with the matter said.

An outside CEO would break with the chipmaker’s tradition of promoting from within. Although Gelsinger was hired from VMware in 2021, he has been with the company for decades, holding increasingly senior-level roles. Gelsinger’s predecessor, Bob Swan, was Intel’s first true outside hire, but Swan was considered by many to be a stopgap CEO who later came under pressure from activist investor Third Point was fired.

The list of candidates is not yet fully known, but Bloomberg, citing people familiar with the matter, said Marvell CEO Matt Murphy was also under consideration.

Intel representatives did not respond to multiple requests for comment. Reuters first reported Tan’s involvement in the replacement process, but he could not be reached for comment.

Intel disclosed in a regulatory filing that interim executive chairman Frank Yeary and a board-level committee are overseeing the search for a new CEO, a process that is still in its early stages.

Intel’s board may choose to promote internally, and internal candidates could include Finance Chief David Zinsner or interim co-CEO Intel product chief MJ Holthaus.

Intel abruptly ousted Chief Executive Pat Gelsinger over the weekend after people familiar with the matter said the board had lost confidence in his ability to execute the chipmaker’s turnaround, which had lagged behind Nvidia. More than years.

Intel disclosed in a regulatory filing that Gelsinger will receive a severance package of approximately $10 million.