After investor pressure, Intel says CEO to step down

San Francisco (AFP) – Intel CEO Bob Swan will step down next month, the computer chip giant said on Wednesday, weeks after a hedge fund sent a letter demanding changes in its business. “Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15, 2021,” the company said in a statement. “He will succeed Bob Swan.” Though it said the announcement was “unrelated” to Intel’s financial performance, the decision follows a December letter to the company from Third Point, led by activist inve…

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HEDGE accordingly