Intel Soars After CEO Bob Swan Announces Resignation

Dan Loeb wins again.

Just two weeks after Third Point launched an activist campaign targeting Intel, when on Dec 29, Dan Loeb sent a letter to the chip-challenged semiconductor company urging it "to evaluate strategic alternatives" including "potential divestment of certain failed acquisitions," and in which Loeb said that Intel’s most urgent task was addressing its “human capital management issue”, as many of its talented chip designers have fled, “demoralized by the status quo”, moments ago we got the latest departure of "human capital" when CNBC reported that CEO Bob Swan was stepping down effective February 15, and would be replaced by VMWare CEO Pat Gelsinger.

The stock has reacted furiously, surging as much as 14% premarket...

.... while VMWare shares are down 5%.

Shortly after the CNBC report, Intel confirmed the resignation, issuing the following press release:

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