San Francisco, January 13th (IANS): In a major development, Intel CEO Bob Swan is stepping down Feb.15 and Pat Gelsinger, CEO of enterprise virtualization leader VMWare, will take over his position, CNBC reported on Wednesday.

Swan was named CEO in January 2019 after serving as interim CEO for seven months.

Gelsinger has been CEO of VMware since September 2012.

Prior to becoming CEO of VMware, he was President and Chief Operating Officer for EMC Information Infrastructure Products at EMC.

Prior to joining EMC, he was the first CTO of Intel Corporation and senior vice president and general manager of the Digital Enterprise Group at Intel.

India has always been a strategic and growth-oriented market for both Swan and Gelsinger.

Intel’s stock rose roughly 13 percent, while VMWare’s stock fell nearly 5 percent after the news broke.

“In December, Third Point, a hedge fund run by Dan Loeb, urged Intel’s board to look for ‘strategic alternatives’. That came after Intel lost …

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