Business Standard

Intel makes interim CEO Swan permanent

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Reuters
(Reuters) - Intel Corp named interim Chief Executive Officer Robert Swan to the role on a permanent basis on Thursday while also naming a new interim chief financial officer.
Swan, 58, had been in temporary charge of the chipmaker since last June when Brian Krzanich left the top job after an investigation found he had a consensual relationship with an employee in breach of company policy.
Swan joined the company in 2016 as chief financial officer.
Intel also said Todd Underwood, vice president of finance, would assume the role of interim chief financial officer as the company undertakes an internal and external search for a permanent CFO.
Robert Swan, the seventh CEO in the company's history, had been Intel's CFO since October 2016 and previously spent nine years as the finance chief of eBay Inc. Given his short tenure and lack of experience in manufacturing, many analysts had said he was not likely to be named permanent CEO.
Intel's shares fell 2 percent in premarket trading.
"Important in the board's decision was the outstanding job Bob did as interim CEO for the past seven months, as reflected in Intel's outstanding results in 2018," Chairman Andy Bryant said.
(Reporting by Supantha Mukherjee in Bengaluru; editing by Patrick Graham and Shounak Dasgupta)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 31 2019 | 7:48 PM IST

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