What Does CEO Change Mean For Intel? Jim Cramer Talks Path Forward

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Intel announced on Wednesday that CEO Bob Swan would be stepping down, and VMWare CEO Pat Gelsinger would be joining Intel as its next CEO. 

Swan is stepping down after two and a half years at the helm of the struggling chipmaker. He will, however, remain on the board of VMWare, with CFO Zane Rowe acting as interim CEO. Intel called Gelsinger a "proven technology leader with a distinguished track record of innovation, talent development, and a deep knowledge of Intel." VMWare said.

“I speak for the VMware Board of Directors, executive management and employees in expressing our gratitude to Pat for his leadership at VMware, and we are thrilled to keep him on as a member of the Board,” commented Michael Dell, VMware Chairman of the Board.

“As CEO for the past eight years, Pat led the company’s tremendous growth and expansion and built a solid foundation for future innovation. Zane has been a key strategic partner to Pat during this time of growth. His deep knowledge of the company and strong relationships will lead the team well through the transition period.”

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