News High­lights:

• Bob Swan will remain in CEO role until Febru­ary 15
• Intel expects to exceed its pre­vious­ly com­mu­ni­ca­ted gui­dance for fourth-quar­ter 2020 reve­nue and ear­nings per share (EPS). Full fourth-quar­ter results will be released Jan. 21, 2021, as scheduled.
• The com­pa­ny has made strong pro­gress on its 7nm pro­cess tech­no­lo­gy and will pro­vi­de an update on its Jan. 21 ear­nings call.

SANTA CLARA, Calif., Jan. 13, 2021 – Intel today announ­ced that its board of direc­tors has appoin­ted 40-year tech­no­lo­gy indus­try lea­der Pat Gel­sin­ger as its new chief exe­cu­ti­ve offi­cer, effec­ti­ve Feb. 15, 2021. Gel­sin­ger will also join the Intel board of direc­tors upon assum­ing the role. He will suc­ceed Bob Swan, who will remain CEO until Feb. 15.

Today’s announce­ment is unre­la­ted to Intel’s 2020 finan­cial per­for­mance. Intel expects its fourth-quar­ter 2020 reve­nue and EPS to exceed its pri­or gui­dance pro­vi­ded on Oct. 22, 2020. In addi­ti­on, the com­pa­ny has made strong pro­gress on its 7nm pro­cess tech­no­lo­gy and plans on pro­vi­ding an update when it reports its full fourth-quar­ter and full-year 2020 results as pre­vious­ly sche­du­led on Jan. 21, 2021.

More: Note from Pat Gel­sin­ger to Intel

Gel­sin­ger is a high­ly respec­ted CEO and indus­try vete­ran with more than four deca­des of tech­no­lo­gy and lea­der­ship expe­ri­ence, inclu­ding 30 years at Intel whe­re he began his career.

“Pat is a pro­ven tech­no­lo­gy lea­der with a distin­gu­is­hed track record of inno­va­ti­on, talent deve­lo­p­ment, and a deep know­ledge of Intel. He will con­ti­nue a values-based cul­tu­ral lea­der­ship approach with a hyper focus on ope­ra­tio­nal exe­cu­ti­on,” said Omar Ishrak, inde­pen­dent chair­man of the Intel board. “After careful con­side­ra­ti­on, the board con­cluded that now is the right time to make this lea­der­ship chan­ge to draw on Pat’s tech­no­lo­gy and engi­nee­ring exper­ti­se during this cri­ti­cal peri­od of trans­for­ma­ti­on at Intel. The board is con­fi­dent that Pat, tog­e­ther with the rest of the lea­der­ship team, will ensu­re strong exe­cu­ti­on of Intel’s stra­tegy to build on its pro­duct lea­der­ship and take advan­ta­ge of the signi­fi­cant oppor­tu­ni­ties ahead as it con­ti­nues to trans­form from a CPU to a mul­ti-archi­tec­tu­re XPU company.”

“I am thril­led to rejoin and lead Intel for­ward at this important time for the com­pa­ny, our indus­try and our nati­on,” said Gel­sin­ger. “Having begun my care­er at Intel and lear­ned at the feet of Gro­ve, Noy­ce and Moo­re, it’s my pri­vi­le­ge and honor to return in this lea­der­ship capa­ci­ty. I have tre­men­dous regard for the company’s rich histo­ry and powerful tech­no­lo­gies that have crea­ted the world’s digi­tal infra­struc­tu­re. I belie­ve Intel has signi­fi­cant poten­ti­al to con­ti­nue to res­ha­pe the future of tech­no­lo­gy and look for­ward to working with the incre­di­bly talen­ted glo­bal Intel team to acce­le­ra­te inno­va­ti­on and crea­te value for our cus­to­mers and shareholders.”

“The board and I deep­ly app­re­cia­te Bob Swan for his lea­der­ship and signi­fi­cant con­tri­bu­ti­ons through this peri­od of trans­for­ma­ti­on for Intel,” con­tin­ued Ishrak. “Under his lea­der­ship, Intel has made signi­fi­cant pro­gress on its stra­tegy to trans­form into a mul­ti-archi­tec­tu­re XPU com­pa­ny to capi­ta­li­ze on mar­ket shifts and extend Intel’s reach into fast-gro­wing mar­kets. Bob has also been instru­men­tal in reen­er­gi­zing the company’s cul­tu­re to dri­ve bet­ter exe­cu­ti­on of our pro­duct and inno­va­ti­on road­map. He lea­ves Intel in a strong stra­te­gic and finan­cial posi­ti­on, and we thank him for his ongo­ing gui­dance as he works with Pat to ensu­re the lea­der­ship tran­si­ti­on is seamless.”

“My goal over the past two years has been to posi­ti­on Intel for a new era of dis­tri­bu­ted intel­li­gence, impro­ving exe­cu­ti­on to streng­then our core CPU fran­chise and exten­ding our reach to acce­le­ra­te growth,” said Swan. “With signi­fi­cant pro­gress made across tho­se prio­ri­ties, we’re now at the right junc­tu­re to make this tran­si­ti­on to the next lea­der of Intel. I am ful­ly sup­port­i­ve of the board’s sel­ec­tion of Pat and have gre­at con­fi­dence that, under his lea­der­ship and the rest of the manage­ment team, Intel will con­ti­nue to lead the mar­ket as one of the world’s most influ­en­ti­al tech­no­lo­gy companies.”

Most recent­ly, Gel­sin­ger ser­ved as the CEO of VMware sin­ce 2012, whe­re he signi­fi­cant­ly trans­for­med the com­pa­ny into a reco­gni­zed glo­bal lea­der in cloud infra­struc­tu­re, enter­pri­se mobi­li­ty and cyber secu­ri­ty, almost tri­pling the company’s annu­al reve­nues. Pri­or to joi­ning VMware, Gel­sin­ger was pre­si­dent and chief ope­ra­ting offi­cer of EMC Infor­ma­ti­on Infra­struc­tu­re Pro­ducts at EMC, over­see­ing engi­nee­ring and ope­ra­ti­ons for infor­ma­ti­on sto­rage, data com­pu­ting, back­up and reco­very, RSA secu­ri­ty and enter­pri­se solu­ti­ons. Befo­re joi­ning EMC, he spent 30 years at Intel, beco­ming the company’s first chief tech­no­lo­gy offi­cer and dri­ving the crea­ti­on of key indus­try tech­no­lo­gies such as USB and Wi-Fi. He was the archi­tect of the ori­gi­nal 80486 pro­ces­sor, led 14 dif­fe­rent micro­pro­ces­sor pro­grams and play­ed key roles in the Core and Xeon families.

For­ward-Loo­king Statements

State­ments in this press release that refer to future plans and expec­ta­ti­ons are for­ward-loo­king state­ments that invol­ve a num­ber of risks and uncer­tain­ties. Words such as “anti­ci­pa­tes,” “expects,” “intends,” “goals,” “plans,” “belie­ves,” “seeks,” “esti­ma­tes,” “con­ti­nues,” “may,” “will,” “would,” “should,” “could,” and varia­ti­ons of such words and simi­lar expres­si­ons are inten­ded to iden­ti­fy such for­ward-loo­king state­ments. State­ments that refer to or are based on esti­ma­tes, fore­casts, pro­jec­tions, uncer­tain events or assump­ti­ons, inclu­ding state­ments rela­ting to mar­ket oppor­tu­ni­ty and anti­ci­pa­ted trends in our busi­nesses or the mar­kets rele­vant to them, also iden­ti­fy for­ward-loo­king state­ments. All for­ward-loo­king state­ments included in this release are based on management’s expec­ta­ti­ons as of the date of this release and invol­ve many risks and uncer­tain­ties that could cau­se actu­al results to dif­fer mate­ri­al­ly from tho­se expres­sed or impli­ed in such state­ments. Important fac­tors that could cau­se actu­al results to dif­fer mate­ri­al­ly are set forth in Intel’s ear­nings release dated Octo­ber 22, 2020, which is included as an exhi­bit to Intel’s Form 8‑K fur­nis­hed to the SEC on such date, and Intel’s SEC filings, inclu­ding the company’s most recent reports on Forms 10‑K and 10‑Q. Copies of Intel’s Form 10‑K, 10‑Q and 8‑K reports may be obtai­ned by visi­ting our Inves­tor Rela­ti­ons web­site at www.intc.com or the SEC’s web­site at www.sec.gov. Intel does not under­ta­ke, and express­ly dis­claims any duty, to update any state­ment made in this report, whe­ther as a result of new infor­ma­ti­on, new deve­lo­p­ments or other­wi­se, except to the ext­ent that dis­clo­sure may be requi­red by law.