VMware Launches CEO Search as Gelsinger Leaves for Intel
January 13 2021 - 10:40AM
Dow Jones News
By Colin Kellaher
VMware Inc. on Wednesday said its board launched a search for a
new chief executive after Pat Gelsinger resigned to take the helm
at chip giant Intel Corp.
The Palo Alto, Calif., enterprise software company said Zane
Rowe, its chief financial officer, will step in as interim CEO when
Mr. Gelsinger leaves on Feb. 12.
Mr. Gelsinger, who has been CEO of VMware since September 2012,
will replace Bob Swan as Intel CEO on Feb. 15, returning to the
company where he began his career. Mr. Gelsinger spent 30 years at
Intel and served as the chip maker's first chief technology
officer.
Intel on Wednesday announced the ouster of Mr. Swan in a
surprise move after activist hedge fund Third Point LLC urged
sweeping changes at the company.
VMware said Mr. Gelsinger will remain on its board.
Shares of VMware were down 5.4% to $135.18 in early trading
Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 13, 2021 10:25 ET (15:25 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Vmware (NYSE:VMW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Vmware (NYSE:VMW)
Historical Stock Chart
From Sep 2023 to Sep 2024