Intel (Intel) CEO Bob Swan is stepping down in February.
The company also stressed that the replacement has nothing to do with the company's 2020 financial performance.
“After careful consideration, the board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel," said Omar Ishrak, Intel’s independent board chair, in a statement.
Bob Swan, 60, assumed the role of Intel's CEO in January 2019 after serving as the company's interim CEO for seven months following Brian Krzanich's resignation. Before that, he served as the company’s chief financial officer.
“My goal over the past two years has been to position Intel for a new era of distributed intelligence, improving execution to strengthen our core CPU franchise and extending our reach to accelerate growth,” Swan said. “With significant progress made across those priorities, we’re now at the right juncture to make this transition to the next leader of Intel."
Swan holds an MBA from Binghamton University.