Intel's interim CEO, Bob Swan, will step down on February 15, the company has confirmed.
In a press release, Intel named current VMware CEO Pat Gelsinger as the successor. Gelsinger was Intel’s first Chief Technology Officer, working at the firm until 2009 before becoming VMware CEO in 2012.
Commentators have suggested that Gelsinger has been brought back in to right the ship, with Intel losing ground on its major rivals.
“To come back 'home' to Intel in the role of CEO during what is such a critical time for innovation, as we see the digitization of everything accelerating, will be the greatest honor of my career,” he said.
Intel has been described by the media as a “struggling giant”. It completely missed out on the smartphone boom, as well as the custom silicon market. It also used to be a leader in chip manufacturing, but has ceded its position to Taiwan-based TSMC.
VMware, on the other hand, will now need to focus on finding a new CEO. For the time being, the company will be spearheaded by CFO Zane Rowe, who will take up the position of interim CEO. The company will “initiate a global executive search process,” it said.