Intel Corp. Chief Executive Officer Bob Swan is stepping down Feb. 15 and can be replaced by the top of VMWare Inc., Pat Gelsinger.
Swan was named CEO in January 2019 after serving as interim CEO for about six months. Intel shares jumped as a lot as 13% in New York after the announcement. CNBC earlier reported the transfer.
The world’s finest identified chipmaker has been underneath strain from activist investor Dan Loeb to discover strategic alternate options for the corporate, together with a potential breakup and sale of belongings. The firm has confronted successive delays in its chip fabrication course of and has begun speaking with Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. in regards to the Asian firms making a few of its finest chips.
Santa Clara, California-based Intel is scheduled to maintain a board assembly on Wednesday.