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Intel CEO Bob Swan will leave his post in February

VMWare CEO Pat Glasinger is expected to take his place. The stock jumps 9%. Swan was appointed CEO in January 2019, but since then the company has recorded repeated failures

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Globes service

Wednesday, January 13, 2021, 4:08 p.m.

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Intel Global CEO Bob Swan has been stepping down as of February 15. VMWare CEO Pat Glasinger is expected to take his place.

This is what Intel reports, after the report was first published on "CNBC".

Shares of Intel soared 9% on Wall Street.

Swan, who served as the company's CFO prior to his appointment as interim CEO, was officially appointed CEO of Intel in January 2019. The news of his retirement comes amid repeated failures by the company - delays in switching to 10 and 7 nm architecture, and Tough competition from Anvidia, whose market value has recently surpassed that of Intel, and from longtime competitor AMD.

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Quite a few failures.

Bob Swan (Photo: GettyImages, Christof Derenbach)

In July 2020, Intel shares fell sharply after Swan analysts said the company was considering transferring some of its manufacturing operations to a third party.

"In a perfect world our priorities were focused on leading products produced through our procedures so that we could enjoy the benefits of being a manufacturing plant, however our focus is on leading products. Therefore, as far as the need to test another factor's production technology is concerned, we treat it as a contingency plan. We will be ready to do that, "Swan said at the time.

Shortly afterwards, Swan, the first non-engineered Intel CEO, led far-reaching structural changes at the top of the organization when he ousted the company's No. 2, Morty Randoshintela, who headed the TSCG technology group and split it into five teams directly reporting to the CEO.

In June 2019, during his visit to Israel, Swan told "Globes", "We have invested $ 40 billion in Israel over the years - in research and development, in the factory, in Mobilai and Intel Capital and we will continue to invest."

Swan arrived in Israel on the occasion of the launch of a new start-up center called Ignite under the management of Tzachi Weisfeld.

Meeting with reporters said then Swan, "We are working in Israel for 45 years and we have invested in this period of $ 40 billion, including research and development, production, Bmobilaii and fund Intel Capital, its known to have the ability significant investment, is an important part of society and will continue to invest.

Intel was facing challenges Simple in recent years.The company missed the smartphone revolution, made failed investments like acquiring the information security company and developer of the McAfee antivirus, repeatedly delayed the launch of the chips in 10nm architecture.

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