Intel has confirmed Bob Swan as its new CEO. Swan was the company's CFO and took over as interim CEO last June when Brian Krzanich resigned for violating the company's policy of no fraternising between managers and employees.
Swan has served as Intel CFO since 2016 and will also join the company's board of directors after taking up the top job permanently. Todd Underwood, vice president of Finance and director of Intel’s Corporate Planning and Reporting, will become interim CFO until a permanent CFO is named.
Intel said its search committee conducted a "comprehensive evaluation of a wide range of internal and external candidates" in order to find a new CEO. Swan stood out for the "outstanding job" he did as interim CEO for the past seven months, including Intel's strong results for 2018.
Prior to joining Intel, Swan served as an operating partner at General Atlantic and on Applied Materials’ board of directors. He previously spent nine years as CFO of eBay, where he is still a director. Earlier in his career, he was CFO of Electronic Data Systems and TRW. He also served as CFO, COO and CEO of Webvan Group and began his career at General Electric, serving for 15 years in several senior finance roles.
