Intel CEO Bob Swan to be replaced by Pat Gelsinger

Intel Corp. Chief Executive Officer Bob Swan is stepping down Feb. 15 and will be replaced by the head of VMWare Inc., Pat Gelsinger.

Swan was named CEO in January 2019 after serving as interim CEO for about six months. Intel shares jumped as much as 13% in New York after the announcement. CNBC earlier reported the move.

The world’s best known chipmaker has been under pressure from activist investor Dan Loeb to explore strategic alternatives for the company, including a possible breakup and sale of assets. The company has faced successive delays in its chip fabrication process and has begun talking with Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. about the Asian companies making some of its best chips.

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

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