An Intel sign is seen at the Intel Museum in Santa Clara, California on November 4, 2016. (Photo: AFP)

Intel CEO Bob Swan will step down next month, the computer chip giant said on Wednesday, weeks after a hedge fund sent a letter demanding changes in its business.

"Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15, 2021," the company said in a statement. "He will succeed Bob Swan."