Bob Swan, CEO of Intel Ousts

Bob Swan, CEO of Intel Ousts

News Highlights: Bob Swan, CEO of Intel Ousts

Intel Corp. Chief Executive ousted Bob Swan in a surprise move after activist hedge fund Third Point LLC spurred sweeping changes to revive the semiconductor giant’s fortunes.

Intel said on Wednesday that Mr. Swan would be replaced by VMware Inc. chief Pat Gelsinger as of February 15. Mr. Gelsinger, who was once Intel’s technology head, has been CEO of the enterprise software vendor since 2012.

The leadership transition comes after Intel relinquished the title of America’s Most Valuable Semiconductor Company to rival Nvidia Corp. last year. and suffered a loss of market share. The Santa Clara, California-based company is also considering a broader embrace of third-party chip makers rather than relying on its own factories.

Mr. Swan joined Intel in 2016 as Chief Financial Officer. Two years later, he was appointed interim CEO and formally assumed the top position in January 2019.

Third Point Chief Executive Daniel Loeb in a December letter to Intel …

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