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Intel to replace CEO Bob Swan with VMware's Pat Gelsinger

Published 01/13/2021, 09:18 AM
Updated 01/13/2021, 09:55 AM
© Reuters. VMware CEO Pat Gelsinger poses in an undated photo
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By Svea Herbst-Bayliss and Stephen Nellis

(Reuters) - Chipmaker Intel Corp (NASDAQ:INTC) said on Wednesday it would replace Chief Executive Officer Bob Swan with VMware (NYSE:VMW) Inc CEO Pat Gelsinger next month.

Intel said its announcement is unrelated to its financial performance in 2020.

The company's shares were up nearly 10% in early trading.

Swan, a former chief financial officer from eBay (NASDAQ:EBAY), had served as Intel's finance chief and was named its interim CEO when Brian Krzanich resigned in June 2018.

© Reuters. VMware CEO Pat Gelsinger poses in an undated photo

Swan was made permanent chief in early 2019 after an extensive search failed to yield an external candidate.

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