Intel boss Bob Swan (picture left) resigns and is replaced by VMware boss Pat Gelsinger. This ends a two-year term of office that was characterized by strategy changes and manufacturing problems.

Intel announced on Wednesday that Swan would step down on February 15, handing over the role to Gelsinger, VMware’s nearly nine-year-old CEO and 30-year Intel veteran, who will be the semiconductor giant’s eighth CEO in its 52-year history . Gelsinger will also join Intel’s board of directors.

The CEO reorganization comes after hedge fund Third Point acquired a “significant stake” in the company and asked the chipmaker to consider strategic options, including selling “failed acquisitions” and possibly its manufacturing operations, to regain technology leadership and itself recovering from existing production problems resulted in product delays.

This news was first reported by CNBC.

Omar Ishrak, Intel’s independent chairman of the board, said the board of directors “is now the time to …

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