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Intel Names Robert Swan CEO



  Bob Swan, Intel Corp.'s Interim Chief Executive Officer and Chief Financial Officer, Respondes During Inauguration of the Company's Research and Development Facility in Bangalore, India on November 15, 2018.

Samyukta Lakshmi | Bloomberg | Getty Images

Bob Swan, Intel Corp.'s Interim Chief Executive Officer and Chief Financial Officer, responded during inauguration of the company's R & D facility in Bengaluru, India, November 15, 2018. Intel has called Interim Chief Executive Officer Robert Swan for finalized the position and ended a month-long search for Brian Kozanich's death last June, after announcing that he had a "consensual relationship" with an employee who violated company policy. [Div. Div. Div. Div. Div. Div. Group> p: First child "/>

Swan, 58, has been Intel's Interim CEO for seven months and Chief Financial Officer since 2016. He was also elected to the Board of Directors of the company.

Todd Underwood, currently Vice President of Finance, will take over the office more as an interim CFO, while the company is looking for a permanent CFO.

Intel shares fell about 1.5 percent on Thursday.

The appointment marks the seventh CEO of Intel in 50 years. Shareholders will be careful to see Swan further diversify Intel's portfolio outside the PC.

Last week, Swan told CNBC that the board would take time to vote.

"Our input to the board is the time it takes to make someone great, and meanwhile we have a wonderful management team and 107,000 dedicated employees who are very focused on delivering to our customers," said Swan. "So we'll be good in the meantime, but I expect and hope that I do not want to set a timeframe for that in the near future, but in the short term we'll have a wonderful new CEO."

Intel announced in June that Krzanich resigned and leaves the company's executive board with immediate effect. Bob Swan, who has been Intel's Chief Financial Officer since October 2016, took on the role of interim CEO while Intel sought his next permanent boss.

Analysts and media companies speculated early on several potential candidates, including two female executives who had left Intel relatively recently: the former head of the data center group, Diane Bryant, and former president Renee James. Bryant's successor, Executive Vice President Navin Shenoy, was also considered a contender, along with Lisa Su, CEO of Intel's rival AMD, and Sanjay Jha, who stepped down as CEO of chipmaker GlobalFoundries earlier this year.

"The search committee conducted a comprehensive evaluation of various internal and external candidates to identify the right leader at this critical juncture in Intel's development, and we have considered many outstanding executives and have come to the conclusion that the Best choice Bob is, "said CEO Andy Bryant in a statement. "Crucial to the board's decision was Bob's outstanding work as interim CEO over the last seven months, which is reflected in Intel's outstanding 2018 results."

Intel reported fourth-quarter results last week, outperforming but underperforming.

Krzanich resigned in May 2013 from Paul Otellini. Under Krzanich Intel reduced the PC-focused turnover share by 12 percentage points. At the same time, the revenue mix for data center products increased by 11 percentage points.

The company also acquired diversification companies including the Artificial Intelligence chipset (Nervana), the programmable chip manufacturer Altera and the car chip company Mobileye. Krzanich's Intel examined wearables through acquisitions such as fitness watchmaker Basis Science, but eventually broke away from wearables and closed the New Devices Group.

-CNBC's Lauren Feiner contributed to this report.

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