VMware starts search for a new CEO, stock falls
VMware Inc. (VMW) said Wednesday that it has initiated a global search for a new chief executive officer, in the wake of CEO Pat Gelsinger's decision to step down (http://www.marketwatch.com/story/intel-stock-surges-after-company-replaces-ceo-swan-with-vmware-chief-11610549567) on Feb. 12 to be come chip maker Intel Corp.'s (INTC) CEO. Gelsinger has served as the enterprise cloud company's CEO since September 2012. Shares of VMware dropped 5.6% in morning trading. Since the end of September 2012 through Tuesday, VMware shares had rallied 47.7%, while the SPDR S&P Software & Services ETF (XSW) had rocketed 382.2% and the S&P 500 had soared 163.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 13, 2021 10:11 ET (15:11 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.