Intel has named Robert Swan as its permanent CEO after a seven month search. He will serve as the company's seventh chief executive. Additionally, he has been elected to the board of director.
Swan has served as CFO since 2016 and served as interim CEO during the search for a permanent leader. Swan had been adamant that he didn't want the job. He stepped into the interim role after former CEO Brian Krzanich resigned over a relationship with an employee, which violated company policy.
There was rampant speculation that Intel might name a CEO during its earnings call last week, but that didn't happen. At the time, Swan said on the call that the company was still searching for the right candidate, and that "I am convinced the board will close on a new CEO in the near future. In the meantime, we will not be distracted by the void."
Investors and enthusiasts will have a close eye on Swan, who will need to steer the company through supply issues and problems it has had with its 10 nanometer process.
Todd Underwood, Vice president of finance and director of Intel's corporate planning and reporting, will keep Swan's old seat warm as interim CFO, while the company begins a search to fill that position.