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Intel Corp said on Wednesday it would replace Chief Executive Officer Bob Swan with VMware Inc CEO Pat Gelsinger, who started his career at Intel, to help the company navigate its way out of a manufacturing crisis.
The company's shares were up nearly 10% in morning trading. Intel, long the world leader in chip-making technology, has lost its manufacturing edge in recent years and is now debating whether to outsource some of it flagship central processor unit chips, or CPUs, slated for release in 2023. Activist investor Third Point LLC last month sent Intel's board a letter asking it to consider whether to keep its chip design and manufacturing operations under one roof. Gelsinger, a former Intel executive, has served as the CEO of VMware since 2012. During that time, he successfully guided the ...