Intel closed a seven-month search for a replacement CEO, picking interim chief Robert Swan (pictured) to fill the role on a permanent basis.
Swan stepped up from his position as CFO to fill the shoes of former chief executive Brian Krzanich, who abruptly resigned in June when news broke he had an affair with an employee.
Todd Underwood, VP of finance, will take on Swan’s CFO duties on an interim basis while the company searches for a full-time replacement.
In a press release, Intel chairman Andy Bryant said Swan’s “outstanding” performance as interim chief, knowledge of the business and relationships with customers were key factors in his selection.
Swan, who reportedly stated previously he wasn’t interested in keeping the job, said in a letter to employees he “jumped at the opportunity to remove ‘interim’ from my title”. He added the company must work to improve execution and continue “innovating for an increasingly data-centric world”.
The new CEO joined Intel as CFO in October 2016 and previously held positions as an operating partner at equity company General Atlantic from 2015 to 2016, and CFO at eBay from 2006 to 2015.Subscribe to our daily newsletter