Washington [US], January 13 (ANI): The American Multinational Corporation and technology company Intel's CEO Bob Swan will be stepping down from the position on February 15, as announced by the company.

According to The Verge, Intel's CEO Bob Swan will be replaced by VMware CEO Pat Gelsinger. Swan was made Intel's permanent CEO two years back in January 2019. He initially took on the role on an interim basis in June 2018 following the resignation of Intel's previous CEO Brian Krzanich.

Gelsinger, the current successor has previously worked at Intel for 30 years. He will step into the CEO role at a crucial time for the chipmaker as Intel is facing renewed competition across its portfolio.

The company sustained a serious blow last year when Apple announced it would be transitioning its Mac line-up away from Intel's processors and toward Apple's own Arm-based designs. The first Macs based on Apple's processors released late last year to a hugely positive response.

On the other side, Intel is also facing competition from the newly resurgent AMD, with their Zen processors that offer competitive performance for gamers and professionals in both desktop and laptop computers.

Intel's independent board chair, Omar Ishrak, said in a statement, "The board is confident that Pat, together with the rest of the leadership team, will ensure strong execution of Intel's strategy to build on its product leadership and take advantage of the significant opportunities ahead as it continues to transform from a CPU to a multi-architecture XPU company."As per The Verge, prior to working at Intel, Swan served as eBay's chief financial officer and has worked at the venture capital firm General Atlantic. In contrast, Gelsinger began his career at Intel and served as the company's first chief technology officer. CNBC reports that Intel's stock was up around 10 percent on news of Gelsinger's appointment. (ANI)