Intel stock sinks after the chipmaker names Robert Swan as permanent CEO
Intel's stock slid Thursday after the chipmaker named interim CEO Robert Swan to the position permanently, ending a months-long search following the ouster of Brian Krzanich for what it called a "consensual relationship" with an employee.
Swan, 58, has been interim CEO for seven months and chief financial officer since 2016. He was also elected to the board, the company said. Several media outlets including Bloomberg previously reported Swan didn't want the job.
Shares of Intel fell roughly 2.8 percent in early trading Thursday.
"When I was first named interim CEO, I was immediately focused on running the company and working with our customers," Swan said in a statement. "When the board approached me to take on the role permanently, I jumped at the chance to lead this special company. This is an exciting time for Intel: 2018 was an outstanding year and we are in the midst of transforming the company to pursue our biggest market opportunity ever."
Shareholders will be watching for Swan to continue diversifying Intel's portfolio outside of the PC.
The appointment marks Intel's seventh CEO in 50 years. Krzanich resigned as CEO and from the board in June.
Todd Underwood, currently vice president of finance, will take over as interim CFO while the company searches for a permanent CFO.
Analysts and media outlets speculated early on about about several external candidates, including two female executives who had left Intel relatively recently: former data center group head Diane Bryant and former president Renee James. Bryant's successor, executive vice president Navin Shenoy, was also thought to be a contender, along with Lisa Su, CEO of Intel rival AMD, and Sanjay Jha, who stepped down as CEO of chip manufacturer GlobalFoundries earlier this year.
Intel last week reported fourth quarter results beat expectations on earnings but fell short on revenue.
Under Krzanich, who took over from Paul Otellini in May 2013, Intel shrunk the percentage of revenue focused on PCs by 12 percentage points. At the same time, it raised the mix of revenue from data center products by 11 percentage points, filings show.
The company also acquired companies with an eye toward diversifying, including artificial intelligence chip company Nervana, programmable chip company Altera and car chip company Mobileye. Krzanich's Intel explored wearables with the help of acquisitions like fitness watch maker Basis Science but ultimately ended up moving away from wearables and closed its New Devices Group.
source cnbc
Industry: Data Centre News
Latest Jobs
-
- Information Security Manager- Global Sporting Brand. UK. £100,000
- London
- £100.000
-
REFCH8265 Identifier Project Information Security Manager- Global Sporting Brand. UK. £100,000 A unique and exclusive opportunity to DCL Search to provide leadership and guidance Information and IT Security practices to one of the most recognised sporting brands in the world. You will be the envy of your colleagues, friends and peers as you take the lead in developing and implementing a security strategy. You must have a blend of knowledge across information security and technical security and be able to build internal and external stakeholder relationships. To coin a well known phrase, you should be a player manager. You don’t need to be currently hands on configuring firewalls, monitoring SIEM alerts, but maybe you have in the past. Ideally you will have come from a technical background as you will be closing be working with technical teams. Skills should include, but not be limited to: Managing / developing to Incident response plans. Information Security Risk Management / compliance. Security awareness Driving remediation plans to address vulnerabilities etc. Hybrid working. Up to £100,000 + benefits.
-
- Lead Information and Cyber Security Specialist, Financial Services. Exclusive to DCL Search
- London
- 85,000
-
Consultative approach with experience engaging with internal stakeholders providing advice and guidance across information security policies and standards into projects and programmes. Risk identification / Assessment / Management across people and process. ISO27001. Open mindedness to take on projects and programmes that will involve advising, scoping, refining, improving technical security control relating to best practice. Preferred experience; PCI DSS ISA or consultative experience within security Payment card industry. Information Security / technical security controls within Financial Services. Risk Assessment / management across technical controls. Technical Security background. Experience within secure by design and the technical security controls relating to projects / programmes. iSO27001 Lead Implementer / Auditor. CISA, CISM, CISSP. 2 days a fortnight in London- or more if you want.. Hybrid reworking.
-
- Cyber Security Associate, Financial Services. Exclusive to DCL Search
- London
- £40,000
-
Exclusive Cyber Security Associate needed within a forward thinking financial services business head quartered in London. DCL Search have been engaged on an Identifier Project to attract the very best cyber talent to this business. Influence the cyber security capability and direction within the business. Learn new skills working within a collaborative team. Grow as a security professional. ROLE Triaging and troubleshooting security alerts at a level 1 / level 2 capacity. Reviewing security change management requests. Managing and use of security tooling such as; Endpoint management Vulnerability management Patch management CASB Experience with the following tools is desirable. ZOHO Desktop Central (Endpoint Management) Splunk (SIEM) Qualys CASB (Microsoft) Microsoft Azure Varonis DatAdvantage ADAudit Plus Sonicwall, Paloalto, Dark Trace, Cloudflare, Cisco Umbrella, Microsoft defender.
-
- Senior Cyber Security Engineer, Financial Services. Exclusive to DCL Search
- London
- 70000
-
Exclusive Senior Cyber Security Engineer needed within a forward thinking financial services business head quartered in London. DCL Search have been engaged on an Identifier Project to attract the very best cyber talent to this business. Influence the cyber security capability and direction within the business. Learn new skills working within a collaborative team. Grow as a security professional. ROLE Day to day operations, management and scalability of existing cyber security systems Managing of and maturing security tooling such as; SIEM Endpoint Management Firewall Patch Management CASB Vulnerability management. Triaging and troubleshooting security alerts. Improve tooling, reducing false positives. Reviewing, approving, escalating security change management requests. Implementing new cyber security systems. Ideal technical experience · Vulnerability Management: Qualys · Endpoint Management: ZOHO Desktop Central · Forcepoint: CASB, DLP, webs security, email security. · SIEM (Splunk) · Firewalls: Sonicwall, Palo Alto · Endpoint Microsoft Defender · Appreciation of ISO27001, GDPR, PCI, etc 2 days a fortnight in London- or more if you want.. Hybrid reworking.