After a seven-month search, Intel names a new CEO



After a seven-month search, Intel names a new CEO

In somewhat of a surprise move, Intel Corporation this morning announced it has named Robert Swan as its new CEO.

Swan, the chip giant's chief financial officer, has been serving as interim CEO since Bryan Krzanich left about seven months ago.

Swan, 58, will also serve on Intel's board of directors. He will receive a salary of $1.3 million, according to the company's filing with regulators.

“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,” said Chairman Andy Bryant in a release. “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."

According to the release, 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.

"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 said in the release. "I’m honored 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.”

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