Bob Swan, who became the company’s chief executive in early 2019, will be replaced in mid-February by tech industry veteran Pat Gelsinger.
Shares spiked 8% on news of the change at the top.
The Santa Clara, California, company said that the change in leadership is unrelated to its financial performance last year, but the surprise shakeup followed several weeks of investor activism by hedge fund Third Point, which had pushed for big changes.
Intel acknowledged in late December that it had received a letter from the New York fund and was working with it on ideas “regarding enhanced shareholder value.” Third Point didn’t immediately respond to a request for comment, but its CEO Daniel Loeb tweeted that “Swan is a class act and did the right thing for all stake holders stepping aside for Gelsinger.”
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