Intel CEO Bob Swan will be stepping down from his position effective February 15 of this year. Swan has been the CEO of Intel for the past 2 years with a few months more serving as interim CEO prior to his formal role. Bob Swan will be replaced by Pat Gelsinger, the current VMWare CEO.
This announcement has caused Intel stock to surge upwards of 10% today while VMWare sees their stock dip 5%.
Patrick Gelsinger was previously CTO for Intel in the early years of his career before moving to EMC and then becoming CEO of VMWare in 2012. Gelsinger was noteworthy for being of the active forces that helped standardized USB and Wi-FI as well as being part in key developments in Intel. Intel also reported Q4 2020 financial earnings and reports a strong progress towards development of their 7nm node.