Intel has announced a more or less expected change of CEO. The current CEO, Bob Swan, has been in office for more than two years.

Swan, who previously served as Intel’s CFO, took over as CEO in June 2018, replacing Brian Krzanich, who was in trouble. Initially, he was to hold office only temporarily, but Pest was made permanent in January 2019.

Intel has been struggling with ongoing problems in recent years, particularly with respect to the development of manufacturing processes and increased competition. The problems have led, among other things, to a contact with Third Point, which owns a $ 1 billion slice of Intel, urging the company to look into the possibility of unbundling circuit production as a separate company. The first decent indications of a search for a new CEO came last December when Susquehanna International Group, or SIG, told Intel in a conference call to investors and analysts that they were looking for a new CEO. The allegation was now confirmed when Intel officially announced the switch.

Patrick “Pat” Gelsinger, who is coming from outside the house, has been chosen as Intel’s new CEO. Gelsinger has been CEO of VMWare since 2012, but he also has a long history in Intel’s bread. Gelsinger did not begin his career at Intel until graduating from the Lincoln Institute of Technology 1979 and served as the company’s vice president and head of the Digital Enterprise Group for up to a year 2009. He also became Intel’s first CTO, or Chief Technology Offier, Chief Technology Officer, in 2000. After leaving Intel, he first served as CEO of EMC (now Dell EMC) for three years, from which he moved to the current VMWare CEO

. As a result of Intel’s announcement, the company’s share price rose 7%, according to CNBC, on Wednesday, while VMWaren also fell 7%. Third Point Daniel Loeb commented on the matter fresh on twitter, praising Swan, who he said did a service to all shareholders by moving aside from Gelsinger’s path. Swan’s choice has been criticized in the past, among other things, for his financial background, when many would have liked a CEO with a technology background. In a message to Intel employees, the new CEO Gelsinger told about his history in the company and how excited he will be when he returns home, so to speak. In his message, he also thanked the resigning CEO Swan and promised to share his own visions for Intel’s future in the near future.

The change of CEO will take place officially 15. February

Sources: Intel (1), (2), CNBC