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Intel appoints new CEO

Bob Swan to officially take lead at Intel after seven months as interim CEO

Swan was Intel CFO since 2016 and has held senior financial roles with a number of organisations.
Swan was Intel CFO since 2016 and has held senior financial roles with a number of organisations.

Intel Corporation has appointed Robert Swan as chief executive officer.

Swan, will take on the role after serving as interim CEO for the past seven months, and as CFO since 2016. He has also been elected to the company's board of directors.

In his role as CFO, Swan led Intel's global finance, mergers and acquisitions, investor relations, IT and corporate strategy organisations. He has previously held c-level and senior financial positions at General Atlantic, eBay, Electronic Data Systems, TRW, Webvan and General Electric.

Andy Bryant, chairman of Intel, commented: "As Intel continues to transform its business to capture more of a large and expanding opportunity that includes the data center, artificial intelligence and autonomous driving, while continuing to get value from the PC business, the board concluded after a thorough search that Bob is the right leader to drive Intel into its next era of growth.

"The search committee conducted a comprehensive evaluation of a wide range of internal and external candidates to identify the right leader at this critical juncture in Intel's evolution. We considered many outstanding executives and we concluded the best choice is Bob. Important in the board's decision was the outstanding job Bob did as interim CEO for the past seven months, as reflected in Intel's outstanding results in 2018. Bob's performance, his knowledge of the business, his command of our growth strategy, and the respect he has earned from our customers, our owners, and his colleagues confirmed he is the right executive to lead Intel."

Swan added: "In my role as interim CEO, I've developed an even deeper understanding of Intel's opportunities and challenges, our people and our customers." When I was first named interim CEO, I was immediately focused on running the company and working with our customers. When the board approached me to take on the role permanently, I jumped at the chance to lead this special company. This is an exciting time for Intel: 2018 was an outstanding year and we are in the midst of transforming the company to pursue our biggest market opportunity ever. I'm honoured to have the chance to continue working alongside our board, our leadership team, and our more than 107,000 superb employees as we take the company forward."

Todd Underwood, vice president of Finance and director of Intel's Corporate Planning and Reporting, will assume the role of interim chief financial officer as the company undertakes an internal and external search for a permanent CFO.