Upon announcing the resignation of CEO Pat Gelsinger, $Intel (INTC.US)$ evaluation of new CEO candidates has begun, and the company is most likely to bring in external individuals for this position. It is reported that discussions at Intel regarding the new CEO candidates are still in the early stages, with no candidates confirmed yet.

According to insiders, the most likely candidates currently include $Marvell Technology (MRVL.US)$ Matt Murphy from Marvell Technology and former Cadence CEO Liwu Chen.

Intel has hired headhunting firm Spencer Stuart to help find a new CEO and is evaluating candidates, including seeking talent outside of Intel, which breaks tradition.

On Monday, Henry Kissinger was suddenly removed from the CEO position and resigned from the board of directors, bringing his efforts to save Intel to an abrupt halt.

Reports suggest that the Intel board of directors informed Kissinger that he either retires or is dismissed. In the end, Kissinger chose to resign, leaving whoever takes over this legendary chipmaker with a challenging task ahead.

Three years ago, Kissinger had just taken over and since then, he has been focused on a complex and expensive effort to turn around this struggling company. However, this did not give him time to revive Intel's executive training program, which had once produced leaders for the entire industry.

Intel recently announced that Executive Vice President and Chief Financial Officer David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs, while the board of directors will look for a long-term candidate.

Since its founding in 1968, apart from one leader, all other leaders at Intel have been internally groomed. Bob Swan is the only exception, who was appointed as interim CEO after the board was forced to remove Brian Krzanich. This dramatic event disrupted carefully planned succession plans that had contributed to Intel's stability over 50 years. During Brian Krzanich's tenure, many senior Intel executives also left the company.

Analysts suggest that as the board of directors seeks a successor to Kissinger, it may be challenging to make an internal selection due to early talent outflows leading to fewer internal candidates. On the other hand, there is not much hope that Intel can bring in an external savior who can immediately change the situation.

Analyst John Vinh from KeyBanc Capital Markets stated: "Finding someone with the right experience and background, capable of managing a complex organization like Intel, and effectively dealing with numerous adverse factors, may be a challenge."

Meanwhile, Kissinger left Intel with a generous departure package. According to a document from the U.S. Securities and Exchange Commission, Kissinger's annual salary was $1.25 million. His departure compensation includes 18 months of base salary, totaling $1.875 million; he will also receive a $5.1 million target bonus; he will be eligible for most of the 2024 bonuses amounting to around $3.1 million. In total, this amounts to at least $10 million in compensation.

As of November, the documents submitted to regulatory institutions show that Kissinger still holds approximately 0.646 million shares of Intel stocks. Now, its value exceeds $14.5 million.

Under Kissinger's leadership, Intel missed the artificial intelligence boom that propelled many competitors, failing to deliver promised chips. During his tenure, the company's stock price plummeted by over 60%.

Editor/Rocky