By Asa Fitch

Intel Corp. ousted Chief Executive Bob Swan in a surprise move after activist hedge fund Third Point LLC urged sweeping changes at the company to revive the U.S. semiconductor giant's fortunes.

Intel on Wednesday said Mr. Swan would be replaced by VMWare CEO Pat Gelsinger effective Feb. 15. Mr. Gelsinger once served as Intel's technology chief.

More to follow

Write to Asa Fitch at asa.fitch@wsj.com

(END) Dow Jones Newswires

January 13, 2021 09:52 ET (14:52 GMT)

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