Swan, who previously served as Intel’s chief financial officer, took on the interim position after former CEO Brian Krzanich resigned in June 2018. Krzanich’s surprise resignation came after the company’s board learned of a past consensual relationship between the married CEO and an Intel employee. An investigation confirmed that it that applied to all Intel managers.
Swan said Thursday that his time as interim CEO gave him a deeper understanding of Intel’s opportunities and challenges.
“When the board approached me to take on the role permanently, I jumped at the chance to lead this special company,” Swan said in a release. “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.”
Swan, who will be Intel’s seventh CEO, was elected to Intel’s board of directors. He previously serviced as the company’s CFO since 2016.
Shares of Intel fell just over 2 percent in trading early Thursday.
Intel said Todd Underwood, the company’s vice president of finance, will take on the position of interim CFO while the company searches for a permanent candidate.