CEO of VMWare, Pat Gelsinger, is expected to take over the position. Before that, however, Gelsinger was Intel through and through, having spent 30 years at the company from 1979 to 2009.
Gelsinger comes from a strong technology background as he holds eight patents in the areas of VLSI design, computer architecture and communications.More news: U.S. won't hold back second Covid vaccine doses: health secretary
In a letter to Intel's employees, Gelsinger likened the move to coming "home". He spend most of that time with Intel Corp., where he began his career. "We have transformed the global technology landscape for the better, and I am confident that the company will continue to excel as they enable customers with the digital foundation for an unpredictable world".
Shares spiked 8% on news of the change at the top. Last July, Intel announced that its 7nm process had a defect, forcing the company to postpone its launch until late 2022 to early 2023.
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.More news: Clip of Dutch officials saying 'Welcome to the Brexit' becomes instant meme
Intel Corporation CEO Bob Swan speaks outside the Fab 42 microprocessor manufacturing site in Chandler, Ariz., on October 2, 2020.
VMware said it was initiating a CEO search and that Zane Rowe, the company's chief financial officer, would serve as its interim chief after Gelsinger departs on Feb 12. "The next two or three years are set in stone regardless of who is there".
Bob Swan, who became the company's chief executive in early 2019, will be replaced in mid-February by industry veteran Pat Gelsinger.More news: Shijiazhuang, China's new hotspot of COVID-19 surge