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Intel names Robert Swan as new CEO

(Image credit: Image Credit: StockStudio / Shutterstock)

Intel has a new permanent CEO after confirming that Robert Swan will now fill the position. 

Swan had been interim CEO for seven months after the company parted ways with former chief Brian Krzanich, who was forced to step down after it was uncovered that he had a ‘consensual relationship’ with an employee against company policy.

Before being appointed interim CEO, Swan was the company’s chief financial officer, since 2016, and was also elected to the board.

During Intel's initial search for a permanent CEO, Swan was quoted saying that he didn’t want the job. But in an interview with CNBC, the 58-year-old said that things changed in the meantime.

"I went from loving my day job to loving the company," Swan said in the interview. "The second thing: I was asked."

CNBC reported that the news sent Intel’s shares down three per cent, before paring losses and closing 1 per cent down.

Intel had been searching for a new CEO for months. It searched among its own employees, but also outside the company, to no avail.

Last month, the media reported that Intel “ruled out some candidates, passed up obvious ones, been rejected by some and decided to go back and re-interview others.”

Image Credit: StockStudio / Shutterstock