Summary List Placement
Intel said it is replacing CEO Bob Swan with Pat Gelsinger, the CEO of the software firm VMware, according to a Wednesday news release.
The move will go into effect on February 15.
“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,” Omar Ishrak, independent chairman of the Intel board, said in the press release.
Intel said in the press release that the announcement is “unrelated to Intel’s 2020 financial performance,” but it still comes after the chip giant had a rough year. Its shares plummeted in July when it announced that production roadblocks would result in the delay of its next-generation chips, and the company posted a drop in revenue for its data center processor business in October.
Read more: Wall Street is worried that Intel’s disappointing earnings are a sign that its terrible year will only get worse: ‘2021 seems like a messy year’
Swan stepped in as Intel’s CEO in January 2019 after Brian Krzanich’s sudden departure in the months before following an investigation into the executive’s past relationship with an employee. …read more
Source:: Businessinsider – Tech