Intel Corp. ousted Chief Govt Bob Swan in a shock transfer after activist hedge fund Third Level LLC urged sweeping modifications to revive the semiconductor large’s fortunes.
Intel on Wednesday mentioned Mr. Swan would get replaced by VMware Inc. chief Pat Gelsinger efficient Feb. 15. Mr. Gelsinger, who was as soon as Intel’s expertise chief, has served as CEO of the business-software supplier since 2012.
The management transition unfolds after Intel final yr ceded the title as America’s most respected semiconductor firm to rival Nvidia Corp. and suffered market-share losses. The Santa Clara, Calif.-based firm can be contemplating a broader embrace of third-party chip makers quite than relying by itself factories.
Mr. Swan joined Intel in 2016 as chief monetary officer. He was named interim CEO two years later and formally given the highest job in January 2019.
Third Level Chief Govt Daniel Loeb in a December letter to Intel Chairman Omar Ishrak mentioned the corporate’s woes may undermine the U.S. tech business and urged the chip maker to think about options. That included promoting a few of its acquisitions and splitting its design and manufacturing operations—a transfer that might finish Intel’s long-held standing as America’s main built-in semiconductor maker.
