Intel is considering Lip-Bu Tan and Matt Murphy as potential CEOs after Pat Gelsinger’s sudden retirement. The decision comes amidst the company’s struggles in the global chip market and a decline in its stock price.
Gelsinger, who led the company for three years, had planned to revitalize Intel by increasing factory production and developing its own AI chips. However, these efforts have been costly and underperforming. The company has seen significant losses, layoffs, and buyouts, leading to a 50% drop in its share price this year.
Tan, a former Intel board member, joins Marvell Technology CEO Matt Murphy as contenders for the top spot. Tan has strong chip-making experience, having served on Intel’s board since 2022. He is currently chairman of Walden International and serves on SoftBank Group and Hewlett Packard Enterprise boards.
Murphy, who leads Marvell Technology, has been instrumental in the company’s success, particularly with its AI chips. His stock has risen 59% this year as Marvell benefits from high demand for AI components. The two candidates have been chosen due to their strong backgrounds in chip-making and ability to drive growth.
Intel’s board gave Gelsinger the option to retire or step down following a clash over his plan to compete with rival Nvidia. His departure marks Intel’s latest challenge in keeping up with the global chip market.
Source: https://www.businessinsider.com/who-could-be-intel-new-ceo-gelsinger-replacement-top-candidates-2024-12