Intel is considering hiring an external candidate to replace ousted CEO Pat Gelsinger and has hired executive search firm Spencer Stuart to identify potential successors, according to people familiar with the matter.
Intel’s board has also made overtures to recently departed director Lip-Bu Tan about whether he would be interested in the top job at the struggling chipmaker, said one of the people.
An outside CEO would break from tradition at the chipmaker, which has historically promoted from within. While Gelsinger was hired from VMware in 2021, he had spent decades at the company in roles of increasing seniority. Gelsinger’s predecessor Bob Swan was Intel’s first true outside hire, but was widely considered a stop-gap CEO and was removed amid pressure from activist investor Third Point.
The people requested anonymity to discuss confidential information freely.
Representatives for Intel did not return multiple requests for comment. Tan, whose involvement in the replacement process was first reported by Reuters, could not be reached for comment. The search process is being overseen by interim executive chair Frank Yeary and a board-level CEO Search committee, Intel disclosed in a regulatory filing, and remains in its early stages.
The process remains in early stages, and Intel’s board may opt for an internal promotion. The likeliest candidates are CFO David Zinsner or Intel products chief MJ Holthaus, the interim co-CEOs.
This is a developing story. Please check back for updates.