Intel's Bob Swan will step down as CEO effective February 15, CNBC reports.

He will be succeeded by Pat Gelsinger, former Intel CTO and current CEO of VMWare.

Robert 'Bob' Swan has served as Intel's business CEO since June 2018, when then-CEO Brian Krzanich resigned over a consensual relationship with a fellow employee. Swan, who was the company's CFO at the time, had been serving as interim CEO for the time being until a replacement could be found. However, after a thorough investigation, Swan was named permanent CEO in January 2019.

It is now confirmed that Bob Swan will be replaced by Patrick 'Pat' Gelsinger, Intel's CTO and a longtime employee of the company for nearly 30 years before moving to data storage company EMC in 2009.

Gelsinger's appointment represents an attractive transition in Intel's senior leadership. With his engineering background, Gelsinger will undoubtedly bring a new technology focus to Intel's upper management at a time when it is most needed. [In a note posted in Intel's newsroom, Gelsinger said, "My experience at Intel has shaped my entire career. Returning "home" to Intel as CEO at a time when the digitization of everything is accelerating and critical to innovation will be the greatest honor of my career."

Having an engineer at the top will ring comfortably in the ears of Intel fans, and likely shareholders as well. Look what happened to AMD with a smart engineer at the top. Intel's stock is currently up 12% on the news.

Bob Swan has presided over a difficult period in Intel's history. One of his first acts as interim CEO was to write an open letter regarding Intel's supply constraints, and the company has been going through a rough patch ever since, despite record financial conditions.

"I want to thank Bob for his leadership and significant contributions to Intel throughout this important period of change. I welcome his counsel and continued guidance to make the transition as seamless as possible for our customers and for you." [I won't have all the answers from day one, but I look forward to hearing them. I can't wait to resume this journey with you all."