Pat Gelsinger I Creative Commons & nbsp | & nbspPhoto Credit: & nbspTwitter
Chipmaker Intel Corp said on Wednesday it would replace chief executive officer Bob Swan with Pat Gelsinger, CEO of VMware Inc, starting February 15.
The company’s shares rose more than 8% in morning trading.
Intel, long the world leader in chip manufacturing technology, has lost its manufacturing lead in recent years and is now considering whether to outsource some of its flagship chips or CPUs for central processors, which will be released in 2023. Activist investor Third Point LLC last month the Intel board sent a letter asking it to consider keeping chip design and manufacturing under one roof.
Gelsinger, a former Intel executive, has been CEO of VMware since 2012. During that time, he successfully led the company, whose software is helping companies get more work out of data center servers, through the transition …