Economy

Intel replaces its chief executive Bob Swan after 2 years

Intel replaces its chief executive Bob Swan after 2 years”

The Santa Clara, California, company said Wednesday that the change in leadership is unrelated to its financial performance past year, but the surprise shakeup followed several weeks of investor activism by hedge fund Third Point, which had pushed for big changes. Intel is replacing its CEO after two years.

Swan will be replaced by Pat Gelsinger, CEO of cloud computing company VMware, on February 15.

Intel spokesman William Moss said Wednesday the changeover "was not driven by Third Point".

Gelsinger is an industry legend who was critical in creating and building VMware into the virtualization and software powerhouse it is today, having led VMware for the past eight and a half years. He spend most of that time with Intel Corp., where he began his career.

Shares spiked 8% on news of the change at the top.

More news: Fuel prices hiked again; Petrol rates crosses ₹91 in Mumbai

Intel's statement on the change-up tries to portray the company as holding a strong position in the chip market. Last July, Intel announced that its 7nm process had a defect, forcing the company to postpone its launch until late 2022 to early 2023.

"From a credibility standpoint, he's great - he's probably the one at the top of most people's list for who they would want to see", Stacy Rasgon, an analyst at Bernstein, said of Gelsinger's appointment. The issue is, what's the ship look like that he's going to be running?

Swan was made interim chief executive in 2018 and appointed permanently the next year after his predecessor Brian Krzanich resigned over a relationship with an employee that violated a company non-fraternization policy.

Swan was made permanent chief in early 2019 after an extensive search failed to yield an external candidate.



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