After a two-year tenure, Intel CEO Bob Swan is reportedly stepping down from his position on February 15 and will be replaced by Pat Gelsinger, CEO of VMWare.

The chipmaker is set to make the announcement official later on Wednesday, but sources said CNBC of the plan. Intel’s stock rose roughly 13% on the news, while VMWare’s share price fell slightly.

Swan was named CEO of Intel in January 2019 after serving as interim chief executive. During his tenure, Intel faced stiff competition from competitors, and was plagued by delays and other production issues.

In the summer of 2020, Intel delayed its latest generation of chips due to rumors that Apple would switch its Mac product line to proprietary Apple Silicon. In the same year, competitor AMD beat Intel to ship a new generation of chips, and Apple officially introduced its M1 chip. Intel has also restructured some of its technology teams amid the chip problems.

Gelsinger previously worked at Intel and was the company’s main technology …

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