News Highlights: Intel CEO Bob Swan steps down, VMWare’s Pat Gelsinger takes over
After two years in office, Intel CEO Bob Swan is reportedly stepping down on February 15 and will be replaced by VMWare CEO Pat Gelsinger.
The chipmaker will officially make the announcement later on Wednesday, but sources told CNBC about the plan. Intel’s stock rose about 13% on the news, while VMWare’s stock price was slightly lower.
Swan was named Intel CEO in January 2019 following his role as interim CEO. During his tenure, Intel has faced fierce competition from rivals and has been plagued by slowdowns and other manufacturing issues.
In the summer of 2020, Intel postponed its latest chip generation amid rumors that Apple would change its Mac lineup to proprietary Apple Silicon. In the same year, competitor AMD beat Intel with the delivery of a new chip generation and Apple officially unveiled its M1 chip. Intel has also restructured some of its technology teams amid the chip troubles.
Gelsinger previously worked at Intel and was the main technology of the company …
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