Intel Corp. The chairman of the board, Bob Swan, resigns in February. 15 and is replaced by the head of VMWare Inc., Pat Gelsinger.
Swan was named CEO in January 2019 after serving as interim CEO for about six months. Intel shares rose up to 13% after the announcement in New York. CNBC previously reported on the move.
The world’s best-known chipmaker came under pressure from activist Dan Loeb to explore strategic alternatives for the company, including a possible liquidation and possible asset sale. The company experienced gradual delays in manufacturing chips and began talking to Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. about the Asian companies that make some of its best chips.
Intel of Santa Clara, Calif., Will hold a board meeting on Wednesday.