After a two-year term, Intel CEO Bob Swan will step down from his role on February 15 and will be replaced by VMWare CEO Pat Gelsinger.
The chipmaker will officially make the announcement later Wednesday, but sources told CNBC of the plan. Intel’s stock was up about 13% on the news, while VMWare’s stock price dropped slightly.
Swan was named CEO of Intel in January 2019 after serving as an interim CEO. During its tenure, Intel faced stiff competition from rivals and was beset with delays and other manufacturing problems.
In the summer of 2020, Intel delayed its latest generation of chips amid rumors that Apple would change its line of Macs to proprietary Apple Silicon. The same year, the AMD competitor beat Intel on the fist of shipping a new generation of chips, and Apple officially unveiled its M1 chip. Intel has also restructured some of its tech teams amid chip problems.
Gelsinger previously worked for Intel and was the company’s core technology …
- According to this source Intel CEO Bob Swan steps down, VMWare’s Pat Gelsinger will take over
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