The noted computer-chip making company, Intel, will undergo a significant change in management as CEO Bob Swan will step down next month. He will be replaced by 40-year technology industry leader Pat Gelsinger
“Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15, 2021,” the company said in a statement issued on Wednesday.
“He will succeed Bob Swan,” it added.
Though the company stated that the decision to remove Bob Swan was “unrelated” to Intel’s financial performance.
The decision comes after a hedge fund company Third Point, led by activist investor Daniel Loeb sent a letter to the company about changes in its business strategy.
On Jan. 4, Swan met with Third Point Chief Executive Dan Loeb and Intel Chairman Omar Ishrak, according to a person familiar with the matter. Loeb pushed Intel to find new executives and potential new board…
