Intel Corp. ousted Chief Executive Bob Swan in a shock transfer after activist hedge fund Third Point LLC urged sweeping changes at the company to revive the U.S. semiconductor large’s fortunes.
Intel on Wednesday mentioned Mr. Swan would get replaced by VMware Inc. CEO Pat Gelsinger efficient Feb. 15. Mr. Gelsinger rejoins Intel the place he was as soon as the expertise chief after serving as CEO of the business-software supplier since 2012.
Mr. Swan joined Intel in 2016 as chief monetary officer. He was named interim CEO two years later and formally given the top job in January 2019. CNBC earlier reported Intel was changing Mr. Swan.
Third Point Chief Executive Daniel Loeb in a December letter to Intel Chairman Omar Ishrak mentioned the corporate’s woes may threaten the U.S. tech business and urged the chip maker to think about alternate options, together with promoting a few of its acquisitions and splitting its design and manufacturing operations—a transfer that may finish Intel’s long-held standing as America’s main built-in semiconductor maker.
“After careful consideration, the Board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel,” Mr. Ishrak mentioned in an announcement.
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