Intel replaces its CEO with VMware's Pat Gelsinger

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Gelsinger is now CEO of software firm VMware but spent 30 years at Intel and also served as chief operating officer of EMC's Information Infrastructure Products division, the company said.

Gelsinger has been the CEO of VMware since 2012 and has more than four decades of experience in the tech industry. "In addition, the company has made strong progress on its 7nm process technology and plans on providing an update when it reports its full fourth-quarter and full-year 2020 results as previously scheduled on January 21, 2021", Intel said. He spend most of that time with Intel Corp., where he began his career. "I have tremendous regard for the company's rich history and powerful technologies that have created the world's digital infrastructure".

Shares spiked 8% on news of the change at the top. After a search, Intel confirmed Swan as CEO in early 2019.

On Jan 4, Swan met with Third Point chief executive Dan Loeb and Intel chairman Omar Ishrak, according to a person familiar with the matter.

Santa Clara, California-based Intel is scheduled to hold a board meeting on Wednesday.

Intel CEO Bob Swan is resigning amid the company's struggles to improve its chip manufacturing processes. "The next two or three years are set in stone regardless of who is there".

"Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15, 2021", the company said in a statement.

Swan, a former chief financial officer at Intel, assumed interim leadership in 2018 after CEO Brian Krzanich resigned after the company learned of what it called a past, consensual relationship with an employee.

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