Intel Corp. expels CEO Bob Swan in a surprising move after activist hedge fund Third Point LLC urges a drastic change in the company to revive the wealth of U.S. semiconductor giants Did.
Intel will be VMware Inc on Wednesday, February 15th by Swan. Announced that it will be replaced by Pat Gelsinger, CEO of. After serving as CEO of a business software provider since 2012, Gelsinger has returned to former technology chief Intel.
Swan joined Intel in 2016 as Chief Financial Officer. He was appointed Interim CEO two years later and officially took the top position in January 2019. CNBC previously reported that Intel has replaced Swan.
Third Point CEO Daniel Loeb told chip makers in a letter to Intel Chairman Omar Ishrak in December that the company’s predicament could threaten the U.S. tech industry. He urged him to consider alternatives such as selling some of the acquisitions and splitting design and manufacturing operations. This ends Intel’s long-standing position as the leading integrated semiconductor manufacturer in the United States.
“After careful consideration, the board concludes that this important time of transformation at Intel is the right time to change this leadership to harness Pat’s technology and engineering expertise. “It was,” Ishrac said in a statement.
Bob Swan, CEO of Intel Austins
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