Intel replaces its chief executive after a rocky stretch

Intel is replacing its CEO after only two years, but it has been a rough stretch for the chipmaker.

Bob Swan, who became the company’s chief executive in early 2019, will be replaced in mid-February by industry veteran Pat Gelsinger.

Intel said Wednesday that the change in leadership is unrelated to its financial performance last year.

In mid-2020, Intel disclosed that there would be a substantial delay in its development of a next-generation chip-making process already in use by a major Taiwan supplier, TSMC.

This week’s shakeup also followed an activist investor’s recent push for major changes at the company.