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Intel CEO Bob Swan to be replaced with VMWare's Pat Gelsinger

Yahoo Finance’s Myles Udland, Brian Sozzi, and Julie Hyman discuss the latest changes at Intel.

Video Transcript

JULIE HYMAN: I just want to reiterate another breaking news story that we are following here. Although, again, it has not been confirmed. But CNBC reporting that Intel CEO Bob Swan is going to be stepping down effective in February and that the CEO of VMware is going to come over to replace him. That's Pat Gelsinger.

Intel's stock is actually spiking this morning. VMware shares are trading lower as a result of this report. We are working to see if we can get any kinds of confirmation here. But, Brian, the company is the target of this-- of this activist campaign on the part of Dan Loeb and Third Point. And you have to wonder if this is a reflection, a result, of that campaign.

BRIAN SOZZI: I think it suggests two things here, Julie. One, yes, pressure there as well. And Bob Swan potentially taking one for the team here and acknowledging that they have not delivered up to their expectations. They have seen chip delays-- chip allays. And this is very important, because Intel has long been in a leadership position in the chip industry. Obviously, you think chips, you think Intel. That is not the case right now. You think chips, you think AMD, you think Nvidia.

But also, too, I've talked to VM's-- VMware's potentially outgoing CEO Pat Gelsinger. This guy is known as an operator. He has done tremendous jobs leading that VMware business, which is supposed to be split off from Dell. He could come in here, theoretically, and drive that better execution and those better operations.

But again, Bob Swan is no lightweight. This guy has helped build Intel the past few years. And it's-- in many respects, it is sad to see him go under these circumstances-- potentially go.

JULIE HYMAN: Yeah. Yeah, well, we'll keep monitoring that story and bring you any updates as we do get them.