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VMware stock drops over 7% after news that CEO Pat Gelsinger will head to Intel

12 days ago   |   By Business Insider

Former VMware CEO Pat Gelsinger
VMware
Shares of VMware, Inc. slipped over 7% Wednesday on news the company's CEO Pat Gelsinger is headed to Intel .
Gelsinger will be replaced by CFO Zane Rowe in the interim while the board and majority stakeholder Dell Technologies decide on a replacement.
Michael Dell, Chairman of the Board at VMware, commented on Gelsinger's departure, saying, "I speak for the VMware Board of Directors, executive management and employees in expressing our gratitude to Pat for his leadership at VMware, and we are thrilled to keep him on as a member of the...
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Intel stock surges 7% on news CEO Bob Swan to be replaced by VMware's Pat Gelsinger

12 days ago   |   By Business Insider

Intel boss Robert "Bob" Swan announces the chip group's new microprocessors called "Tiger Lake" at the technology fair CES. The new chips are expected to significantly accelerate games and AI.
Christoph Dernbach/Getty Images
Shares of Intel are up over 7% on Wednesday on news CEO Bob Swan will be replaced by VMware's Pat Gelsinger.
The news comes after activist hedge fund Third Point LLC, which holds a $1 billion stake in Intel, urged "immediate change" at the company.
Third Point CEO Daniel Loeb wrote to Intel chairman Omar Ishrak arguing that the U.S. will lose its 'leading-edge...
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