Intel’s Departing CEO Gobbles Up $1.51 Million In Stock On His Way Out

Departing Intel CEO Bob Swan has backed up his upbeat assessment of his successor.

So Mr. Swan went and BTFD in Intel stock [$INTC] after the chip maker posted strong Q4 earnings. Shares tumbled more than 8% on January 22, after the company said it was “keeping manufacturing in-house.”

Swan paid $1.51 million for 27,244 Intel shares, an average price per share of $55.57, according to a form he filed with the SEC. He also earned 139,625 Intel shares that day through performance-based stock units that will fully vest and settle on January 30. Swan now holds 484,943 Intel shares in a personal account, and an additional 3,364 shares through a family trust.

On January 13, Intel disclosed that Swan will be unseated by current VMware [$VMW] CEO Pat Gelsinger—the onetime CTO of Intel—effective on February 15. Intel stock ended up surging on news of the CEO change.

In the press release declaring his departure, Swan said, “I am fully supportive of the board’s selection of Pat and have great confidence that, under his leadership and the rest of the management team, Intel will continue to lead the market as one of the world’s most influential technology companies.” 

Swan is the first Intel insider to buy shares on the open market this year.

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