Intel CEO Bob Swan to be replaced with VMWare's Pat Gelsinger
Intel (INTC) CEO Bob Swan is poised to step down from his role at the tech company as of Feb. 15, CNBC first reported Wednesday morning. VMWare CEO Pat Gelsinger (VMW) is set to take over the position. A source confirmed to Yahoo Finance the move.
The departure comes after Swan was named CEO of the company in January 2019, after earlier serving as interim CEO for seven months and as chief financial officer since 2016. Gelsinger had served as CEO of VMWare since September 2012. Prior to working at VMWare, Gelsinger was at Intel for 30 years and had been the company’s first chief technology officer.
Shares of Dow-component Intel surged more than 12% in early trading following the report, while VMWare (VMW) shares sank more than 4.5%.
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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
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