Back in November, Otellini announced that he would be stepping down as CEO of Intel this year. This meant that Intel needed to find a successor, and to find one fast. There were rumors that they might bring in some former executives back into the company to lead Intel into the mobile future, however, recently we found out that it was between two candidates, the COO and CFO.
Intel [NASDAQ:INTC] had a specific committee established to help find the company’s new CEO which consisted of many industry veterans and Intel senior personnel. This committee was mainly made up of Intel’s board members with one exception being Jane Shaw who left Intel’s BoD in 2012.
Today, Intel announced that their board of directors’ committee had selected a new CEO, Brian Krzanich who has been with intel for more than 31 years and has worked his way up through the company into the COO position. Normally, when a company selects a C-level executive to take the CEO position it isn’t seen as a favorable move because it means that the company could not find any qualified candidates from outside of the company to help move the company along. However, in Intel’s case, it’s doubtful that there are many people in the world capable of grasping the complexity of Intel’s structure and business model other than a current executive that’s been with the company for decades.
Brian Krzanich has been in positions ranging from simple process engineer to plant manager to the head of assembly testing. The real truth of the matter is that there aren’t many other people in the world capable of handling a behemoth like Intel other than people already executives within the company. Apple was in a similar position with Tim Cook replacing Steve Jobs as one of the few people in the world capable of handling the gigantic company’s operations and understanding the business.
By the looks of it, Wall Street is neither amused nor disappointed with today’s announcement as Intel’s stock has remained flat for most of the day.