Intel Recovers After CEO Firing
Intel’s stock price dropped about two percent yesterday on news of CEO Brian Krzanich’s resignation. But Wall Street decided not to punish the stock too much as investors turned to Intel’s announcement that it expects to raise its second-quarter revenue and profit forecast to levels above expectations.
Intel said that it now expects second-quarter sales of about US$16.9 billion, up from its previous estimate of $16.3 billion. The company forecast earnings per share of about 99 cents, up from an earlier target of 85 cents.
Front runners to replace Krzanich are tipped to come from internal ranks within the management team, include Robert Swan as front runner.
Others with a shot at the title include Murthy Renduchintala, group president of technology; Navin Shenoy, executive VP and GM of Intel’s datacentre group; Leslie Culberton, executive VP and GM of product assurance; and Steven Rodgers, executive veep and general counsel.