Intel announced that Robert ‘Bob’ Swan, its interim chief executive, is now the permanent boss of the company after the former occupant of the positions left the firm in 2018.
Previously, Swan served as the chief financial officer of the company. He had also served as the finance boss of eBay for the nine years prior to joining Intel in 2016. His appointment signifies a major change for Intel, which has usually appointed chief executives who have made their way up through the engineering ranks of the company.
Swan served as the interim chief executive of the company for seven months, following the resignation of Bryan Krzanich, the former boss of Intel, last June. His resignation came after an internal investigation that discovered that he had struck up a consensual relationship with an employee against company policy.
The move comes despite the previous public statements that were released by Swan. He said that he was not interested in a permanent position at the head of Intel. His task will now be to increase the presence of Intel in a heavily saturated computer chip manufacturing market.
In a letter to the employees of Intel, Swanb stated: “Our ambitions have never been greater and we have a relatively small share of the largest addressable market in Intel’s history.”
He added: “We must remain focused on playing offence and innovating for an increasingly data-centric world.”
The share price of Intel dropped by approximately two percent in early trading after the change was announced.
The company has had a mixed performance under the interim guidance of Swan. It surpassed revenue estimates last October, however, it missed those same estimates when it reported its fourth quarter last week.
Intel said that Todd Underwood, its vice president of finance, will become its interim chief financial officer in the wake of Swan’s appointment until a more permanent solution is reached.