After announcing the departure of CEO Pat Kissinger, Intel has begun evaluating a new CEO candidate, and the company is most likely to bring in external personnel to fill this position. It is reported that Intel's discussions on the new CEO candidate are still in the early stages and no candidate has been determined yet.
According to informed sources, the most likely candidates currently include Matt Murphy from Maiwell Technology and former Cadence CEO Chen Liwu.
Intel has hired headhunting firm Spencer Stuart to help find a new CEO and is evaluating candidates, including seeking talent outside of Intel, breaking tradition.
On Monday of this week, Kissinger was suddenly relieved of his CEO position and withdrew from the board of directors, bringing an abrupt end to his efforts to save Intel.
According to reports, Intel's board of directors told Kissinger that he would either retire or be dismissed. In the end, Kissinger chose to resign, and whoever takes charge of this legendary chip manufacturer will still face a daunting task.
Kissinger took over just three years ago, and since then, he has been focused on a complex and costly effort to turn the struggling company around. But this did not give him time to revive Intel's executive training program, which had previously delivered leaders to the entire industry.
Intel recently announced that David Zinsner, Executive Vice President and Chief Financial Officer, and Michelle Johnston Holthaus will serve as interim co CEOs, while the board will search for a long-term candidate.
Since its establishment in 1968, all leaders except for one have been trained internally by Intel Corporation, with the exception of Bob Swan, who was appointed interim CEO after the board was forced to dismiss Brian Krzanich. This dramatic event shattered the carefully planned succession plan, which had contributed to Intel's stability for 50 years. During Brian Krzanich's tenure, many Intel veterans also left the company.
Analysts say that as the board searches for Kissinger's successor, it may find it difficult to make a choice internally, partly because early talent outflows meant fewer internal candidates. On the other hand, people do not have high hopes for Intel to introduce an external savior who can immediately change the situation.
Finding someone with the appropriate experience and background, capable of managing complex organizations like Intel, and able to effectively address numerous adverse factors can be a challenge, "said John Vinh, an analyst at KeyBanc Capital Markets
At the same time, Kissinger left Intel with a generous severance package. According to a document from the US Securities and Exchange Commission, Kissinger's annual salary is $1.25 million. His severance package includes 18 months of basic salary, totaling $1.875 million; He will also receive a target bonus of $5.1 million; He will also be eligible to receive the majority of the 2024 bonus, which amounts to approximately $3.1 million. Overall, this is at least a salary of 10 million US dollars.
As of the documents submitted to regulatory authorities in November, Kissinger still holds approximately 646000 shares of Intel stock. Nowadays, its value exceeds 14.5 million US dollars.
Under Kissinger's leadership, Intel missed the artificial intelligence boom that propelled many competitors and was unable to deliver the promised chips. During his tenure, the company's stock price plummeted by over 60%.