Intel Searches for New CEO Candidates

Intel Corp is actively seeking an external candidate to replace former CEO Pat Gelsinger, who was ousted earlier this week amidst a conflict with the board over a restructuring plan. The company is considering prominent industry figures including Matt Murphy, CEO of Marvell Technology, and Lip-Bu Tan, a former board member and CEO of Cadence Design. Intel has engaged executive search firm Spencer Stuart to assist in this process, marking a significant shift from its tradition of promoting internally. Interim co-CEOs David Zinsner and Michelle Johnston Holthaus are currently managing the company as the board conducts its search. Analysts highlight the urgency of securing new leadership given Intel's declining financial performance, with revenue falling significantly since Gelsinger took over. The board aims to conclude its search in the coming months as Intel navigates a critical period in its five-decade history.