Intel CEO Bob Swan to step down, VMware exec Pat Gelsinger named successor

FAN Editor

Intel CEO Bob Swan will step down in February, the company announced on Wednesday.

Continue Reading Below

Intel has named VMware CEO Pat Gelsinger as Swan’s replacement. Shares are jumping on the developments.

Ticker Security Last Change Change %
INTC INTEL CORPORATION 57.77 +4.53 +8.50%

The company confirmed Gelsinger, who has a 40-year career in the technology industry, will take the reins on Feb. 15.

“My goal over the past two years has been to position Intel for a new era of distributed intelligence, improving execution to strengthen our core CPU franchise and extending our reach to accelerate growth,” said Swan. “With significant progress made across those priorities, we’re now at the right juncture to make this transition to the next leader of Intel.”

Intel was the target of activist investor Dan Loeb last year. At the time, the company told FOX Business, it “looks forward” to engaging with Third Point’s Loeb after the activist investor urged the tech giant to explore strategic alternatives, including whether the company should continue to be an “integrated device manufacturer” as well as potentially pursuing “divestment of certain failed acquisitions.”

CNBC was first to report Swan’s departure.

Ticker Security Last Change Change %
VMW VMWARE 135.10 -7.82 -5.47%

Intel shares have fallen over 10% in the last 12 months underperforming the 16% jump in the S&P 500.


Free America Network Articles

Leave a Reply

Next Post

Tim McGraw, Tyler Hubbard on Capitol riot, divisive politics and their new song "Undivided"

Country music superstars Tim McGraw and Florida Georgia Line’s Tyler Hubbard have teamed up for a new song, “Undivided.” “CBS This Morning” co-host Anthony Mason speaks with them about the state of the country, their reaction to the attack on the Capitol and why their song’s message of unity is […]