Author: Don Clark / Source: New York Times
Sascha Steinbach/EPA, via Shutterstock
SAN FRANCISCO — Intel answered many questions from Wall Street Thursday, but not the one that has dogged the company for seven months: Who will become chief executive of the giant chip maker?
The lengthy search, begun after Brian Krzanich was forced out in June for a past affair with a subordinate, illustrates the difficulty of finding a leader with the diverse skills needed to run one of Silicon Valley’s most complex companies.
Intel, which hosted a conference call Thursday to discuss the financial results of its most recent quarter, said its directors were conducting the search with “a sense of urgency” but gave no timetable for a selection.
“I am convinced the board of directors will close on a new C.E.O. in the near future,” said Robert Swan, Intel’s chief financial officer, who is also serving as acting chief executive.
Intel, which has 107,000 employees, sells the vast majority of processors that power personal computers as well as larger machines that run the web. It turns silicon wafers into chips in some of the world’s most sophisticated factories — sites that cost $5 billion to $10 billion each — and employs an army of chemical engineers, physicists, system architects, chip designers and computer programmers.
The company, which turned 50 last year, has never drawn a top executive from outside its own ranks. Indeed, Intel was once known for signaling the promotion of an internal candidate to its top job years in advance.
That tradition broke down with Paul Otellini’s surprise decision to resign in November 2012. Intel’s board considered external candidates before settling the following May on Mr. Krzanich, an Intel manufacturing specialist.
At least seven seasoned executives departed during his five-year tenure.
Analysts now see only three obvious internal choices, none of whom has the broad experience of past Intel leaders.Some promising external candidates have declined the opportunity. One is Patrick Gelsinger, a former Intel executive who is now the chief executive of the software company VMware, who went so far as to get a VMware tattoo after the search process began.
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