Former eBay government Bob Swan, who stays on eBay’s board of administrators, was ousted from Intel the place he had served as CEO since 2018, in accordance with Yahoo Finance. It seems to be the second time Swan got here out on the shedding facet of activist investor campaigns in opposition to his employers.
Swan was CFO (Chief Monetary Officer) at eBay when Carl Icahn compelled it to interrupt up the corporate and half methods with PayPal. eBay executives Swan and CEO John Donahoe (now the CEO of Nike and Chairman of the Board at PayPal) initially tried to fend off Icahn however misplaced, formally breaking apart eBay in July of 2015.
Swan’s ouster comes as Intel faces strain from hedge fund Third Level. CNBC reported in late December that Third Level acquired a $1 billion stake in Intel and urged it to divest from “failed acquisitions” and criticized the corporate for its “lack of manufacturing management.”
Simply yesterday Swan heralded Intel bulletins made at CES, writing on a LinkedIn publish, “The Intel Company workforce is innovating and executing to ship management merchandise for our clients.” Swan will stay within the CEO function till February 15.
Pat Gelsinger, who will take over as Intel CEO subsequent month, wrote in an announcement as we speak, “I need to prolong my gratitude to Bob for his management and important contributions to Intel by means of this vital interval of transformation. I welcome his counsel and ongoing steering by means of the transition interval to make it as seamless as doable for our clients and all of you.”
In a press launch, Intel stated the announcement was unrelated to the corporate’s 2020 monetary efficiency. Within the launch, Omar Ishrak, impartial chairman of the Intel board, wrote partially:
“The board and I deeply admire Bob Swan for his management and important contributions by means of this era of transformation for Intel. Underneath his management, Intel has made important progress on its technique to remodel right into a multi-architecture XPU firm to capitalize on market shifts and prolong Intel’s attain into fast-growing markets. Bob has additionally been instrumental in reenergizing the corporate’s tradition to drive higher execution of our product and innovation roadmap. He leaves Intel in a powerful strategic and monetary place, and we thank him for his ongoing steering as he works with Pat to make sure the management transition is seamless.”
Right here’s how the Wall Road Journal reported the information: “Intel Corp. ousted Chief Govt Bob Swan in a shock transfer after activist hedge fund Third Level LLC urged sweeping adjustments to revive the semiconductor big’s fortunes.”