Intel is replacing its chief executive Bob Swan after a series of manufacturing setbacks and competitive blunders that lost the veteran Silicon Valley company its crown as the top US chipmaker.

Swan, its former finance chief who held the top job for just over two years, will be succeeded on February 15 by former Intel veteran Pat Gelsinger, who is currently chief executive of VMware, the infrastructure software group.

The company made the move just days before Mr. Swan was expected to unveil Intel’s new manufacturing strategy, together with the company’s latest earnings.