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Andreessen Horowitz hires former Intel CEO Bob Swan as Growth Operating Partner; Bob Swan stepped down from Intel in February (Angel Au-Yeung/Forbes)

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Andreessen Horowitz hires former Intel CEO Bob Swan as
Growth Operating Partner; Bob Swan stepped down from Intel in
February (Angel Au-Yeung/Forbes)

On Monday, venture capital firm Andreessen Horowitz announced that Bob Swan, former CEO of semiconductor giant Intel Corp., would join the firm as an operating partner for its early-stage growth fund. 

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As Andreessen’s new operating partner, Swan will pursue new investments, serve on boards and provide guidance and expertise to founders. “I’m excited to work with all of them,” Swan said in an interview with Forbes. “We’ll figure out the individual companies along the way, but leveraging what Andreessen’s built, my skills, capabilities, scar tissue, and focus areas on where I will have the biggest impact on founders is what we’ll figure out over the course of the next several weeks and months.” 

This announcement comes five months after Swan stepped down as Intel’s chief executive, amid a global chip shortage and Intel losing its title last year as America’s most valuable semiconductor company to Nvidia Corp, its main competitor. Critical mass occurred in December 2020, when activist billionaire investor Daniel Loeb sent a letter to the chairman of Intel’s board, demanding change in both the company’s operations and in leadership. The next month, the semiconductor company announced that Swan would be stepping down and he would be replaced by Pat Gelsinger, a Silicon Valley veteran. Shortly after the executive shake-up was announced, Loeb tweeted: “Swan is a class act and did the right thing for all stake holders stepping aside for Gelsinger.” 

Swan started at Intel in 2016 as its chief financial officer, but was named its interim CEO in June 2018 following the resignation of Brian Krzanich due to reports of a consensual extramarital affair that Krzanich had with a subordinate years before. Prior to Intel, Swan served as CFO for eBay, Electronic Data Systems, TRW and General Electric Lighting. 

“In terms of working with entrepreneurs, for me it’s about how do I use some of those experiences at Intel, at eBay, at PayPal and all the experiences along the way, and apply it all to help the founders navigate opportunities and challenges associated with growth,” Swan said.

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Sectors that the fund has and will continue to focus on include enterprise, consumer internet, fintech, biotech and cryptocurrency start-ups. Some past notable investments include Coinbase, Instacart, Robinhood and Stripe. 

According to David George, general partner at Andreessen Horowitz who oversees the growth fund, Swan has been a mentor and friend of many at the firm for years. “Not only has Bob been a long-time friend and a mentor of mine, but he has had long standing relationships with many of us at a16z, including working closely with the firm nearly 10 years ago on the Skype acquisition deal,” George said in a press release announcing Swan’s appointment. “As someone whose humility is unmatched among executives in our network, we are excited about the experience Bob brings to the firm as well as his collaborative approach to work.”

Andreessen Horowitz raised its first growth fund in 2019, and now currently has two growth funds with $7.9 billion in regulatory assets under management. 

Published at Mon, 19 Jul 2021 23:48:52 +0000

This post originally posted here http://www.techmeme.com/210719/p27#a210719p27

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Andreessen Horowitz hires former Intel CEO Bob Swan as
Growth Operating Partner; Bob Swan stepped down from Intel in
February (Angel Au-Yeung/Forbes)
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