Key Sentence:
- Monday, venture firm Capital Andressen Horowitz announced that Bob Swann, former CEO of semiconductor giant Intel Corp., will join the company as an operating partner for an early growth fund.
As Andreessen’sAndreessen’s new operating partner, Swan will seek new investments, serve on the board of directors and provide advice and experience to the founders. “I love being able to work with everyone,” Swan said in an interview with Forbes. “We will understand each company along the way, but with what Andreessen has built, my skills, abilities, scar tissue and focus on where I will most significant the greatest impact on the founders, we will over the next few weeks and months understand. “”
The announcement came five months after Swan stepped down as Intel CEO due to a global chip shortage. Intel lost the title of America’sAmerica’s Most Valuable Semiconductor Company to Nvidia Corp, its main competitor, last year. A critical mass broke out in December 2020 when billionaire investor activist Daniel Loeb sent a letter to Intel’sIntel’s CEO demanding changes in both the company’s operations and management.
The following month, the semiconductor company announced that Swan would retire and be replaced by Silicon Valley veteran Pat Gelsinger. Shortly after the executive rocking announcement, Loeb tweeted: “The Swan is a classic act and has done the right thing for everyone involved and has made way for Gelsinger.”
Swann joined Intel in 2016 as Chief Financial Officer but was appointed Interim CEO in June 2018 after Brian Krzanic resigned due to reports of an extramarital affair that Krzanic had years earlier with a subordinate. Before Intel, Swan was CFO for eBay, Electronic Data Systems, TRW, and General Electric Lighting.
“When it comes to working with entrepreneurs, for me, it’s about leveraging some of the experience at Intel, eBay, PayPal, and all the experiences along the way and putting everything into practice to help founders embrace the opportunities and challenges of growth masters, says Swan.
Sectors that funds are and will continue to focus on include startups, consumer internet, fintech, biotechnology, and cryptocurrencies. Some notable investments in the past include Coinbase, Instacart, Robinhood, and Stripe.