Intel finally named a new CEO: Robert (Bob) Swan, who has been serving as the chip giant’s interim chief for the past seven months.
Swan took over after Brian Krzanich was ousted from his position for violating the company’s non-fraternization policy by having a past consensual relationship with an employee.
After Krzanich’s departure, the Intel board of directors undertook an “exhaustive” search for a new CEO. High-profile candidates including VMware CEO Pat Gelsinger and former Google Cloud CEO Diane Greene (also both former Intel employees) were rumored to be in the running.
For the record: Gelsinger shot down those rumors with a tweet: “I love being CEO @vmware and not going anywhere else. The future is software!!!” And that prompted a Bitmoji response from Gelsinger’s boss, Dell Technologies CEO Michael Dell, that showed Dell with an award plaque reading “You’re the Best.”
Intel’s board also considered internal candidates including engineering chief Venkata Renduchintala, and Navin Shenoy, who oversees Intel’s data-center business, according to The Wall Street Journal.
Swan’s name, however, didn’t come up in these speculative, who-will-Intel-choose reports. And on last week’s earnings call, Swan told investors that the board was “proceeding with a sense of urgency.”
“I am convinced the board will close on a new CEO in the near future,” Swan said. Near future, indeed.
Swan has been Intel’s CFO since October 2016. Prior to joining Intel, Swan served as an operating partner at General Atlantic and served on Applied Materials’ board of directors. He previously spent nine years as CFO of eBay, where he is currently a director.
“I am honored and humbled to be named Intel’s CEO,” Swan said in an email to Intel employees and customers. “When the board approached me about taking the CEO role, I jumped at the opportunity to remove ‘interim’ from my title.”
Swan is the seventh CEO in Intel’s 50-year history.
Intel said Todd Underwood, vice president of finance and director of Intel’s corporate planning and reporting, is the new interim CFO.