New Intel CEO Pat Gelsinger to focus on execution: Moor Insights' Moorhead
Stacey Rasgon of Bernstein and Pat Moorhead of Moor Insights & Strategy join "Squawk Alley" to discuss the CEO shakeup at Intel, as VMWare CEO Pat Gelsinger is set to replace Bob Swan. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Intel CEO Bob Swan is stepping down effective Feb. 15 and will be replaced by VMWare CEO Pat Gelsinger, the chipmaker announced Wednesday.
Intel’s stock was up about 7% in mid-day trading. VMWare’s stock was down by about 7%.
Swan was named CEO in January 2019 after serving as interim CEO for seven months.
During Swan’s tenure, Intel has suffered blows from competitors. Over the summer, Intel reported that its latest generation chips would be delayed while AMD’s were already shipping inside laptops. Apple announced in the fall that it will use its own proprietary chips in its Mac computers, breaking a 15-year partnership with Intel for its chip supplies.
Dan Loeb’s Third Point hedge fund in December urged Intel’s board to explore “strategic alternatives.” That came after Intel lost market share to competitors AMD, Samsung and TSMC.
Third Point urged Intel to divest from “failed acquisitions” and criticized Intel for its “loss of manufacturing leadership.” The firm recently took a roughly $1 billion stake in Intel, according to Reuters.
Following the news of Swan’s departure, Loeb called him “a class act” and said he “did the right thing for all stake holders stepping aside for Gelsinger.”
Critics have pointed to the fact that Intel’s chief executive did not come from a technical background, having previously served as CFO. With Gelsinger, that will no longer be the case. Gelsinger previously worked at Intel, eventually becoming its first chief technology officer.
Intel said the announcement was separate from its financial results and said it expects fourth quarter 2020 revenue and earnings to exceed prior guidance. The company said it “has made strong progress” on its latest generation 7 nanometer chips, which it said it would discuss when it reports earnings on Jan. 21.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
https://www.cnbc.com/select/best-credit-cards/
#CNBC
#CNBCTV
Видео New Intel CEO Pat Gelsinger to focus on execution: Moor Insights' Moorhead канала CNBC Television
Intel CEO Bob Swan is stepping down effective Feb. 15 and will be replaced by VMWare CEO Pat Gelsinger, the chipmaker announced Wednesday.
Intel’s stock was up about 7% in mid-day trading. VMWare’s stock was down by about 7%.
Swan was named CEO in January 2019 after serving as interim CEO for seven months.
During Swan’s tenure, Intel has suffered blows from competitors. Over the summer, Intel reported that its latest generation chips would be delayed while AMD’s were already shipping inside laptops. Apple announced in the fall that it will use its own proprietary chips in its Mac computers, breaking a 15-year partnership with Intel for its chip supplies.
Dan Loeb’s Third Point hedge fund in December urged Intel’s board to explore “strategic alternatives.” That came after Intel lost market share to competitors AMD, Samsung and TSMC.
Third Point urged Intel to divest from “failed acquisitions” and criticized Intel for its “loss of manufacturing leadership.” The firm recently took a roughly $1 billion stake in Intel, according to Reuters.
Following the news of Swan’s departure, Loeb called him “a class act” and said he “did the right thing for all stake holders stepping aside for Gelsinger.”
Critics have pointed to the fact that Intel’s chief executive did not come from a technical background, having previously served as CFO. With Gelsinger, that will no longer be the case. Gelsinger previously worked at Intel, eventually becoming its first chief technology officer.
Intel said the announcement was separate from its financial results and said it expects fourth quarter 2020 revenue and earnings to exceed prior guidance. The company said it “has made strong progress” on its latest generation 7 nanometer chips, which it said it would discuss when it reports earnings on Jan. 21.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
https://www.cnbc.com/select/best-credit-cards/
#CNBC
#CNBCTV
Видео New Intel CEO Pat Gelsinger to focus on execution: Moor Insights' Moorhead канала CNBC Television
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
Intel CEO Bob Swan to step down Feb. 15: SourcesJuggling Act | Pat Gelsinger | Talks at GoogleWhere bitcoin could be headed from here: Coinshares CEOIntel's Bob Swan Is Out, Pat Gelsinger Is InUpdateMore people are pulling money out of retirement — Why that's not a good thingFed chair Jerome Powell: Not raising interest rates anytime soonCalls of the day: Chevron & Exxon MobilGilman Hill's Jenny Harrington on Intel and its CEO shakeupPat Gelsinger, VMware | VMworld 2020Fed chair Jerome Powell: We need to see inflation remain at 2%You have to pay attention to the changing of the guard in the markets: JohnsonHow Covid-19 Accelerated The Rise Of Ghost KitchensIntel CEO Resigns, B560 RAM Unlocked, 11900K Specs, & Chipset Differences (B560, H570, Z590)Intel to Decide on Production by Early 2021: CEOFmr. FDA chief: Covid-19 vaccine recipients shouldn't let their guards down right awayWhat investors should focus on when thinking about the FedJefferies' Jared Weisfeld digs into Intel's earnings reportWhy now is the time to overweight stocks: Wilmington Trust's ShueHow Biden Plans to Tackle the $1.6 Trillion Student Loan Debt | WSJ