Intel confirms Bob Swan is company’s new permanent CEO

1 Feb 2019

Bob Swan. Image: Intel Corporation

Swan is the seventh CEO in Intel’s 50-year history.

Chip giant Intel has confirmed the appointment of Robert ‘Bob’ Swan as its permanent CEO after he served several months as the company’s interim CEO.

Swan had previously been the chief financial officer (CFO) of Intel. That role is now going to be filled by Intel’s president of finance, Todd Underwood, on an interim basis.

‘We are in the midst of transforming the company to pursue our biggest market opportunity ever’

“As Intel continues to transform its business to capture more of a large and expanding opportunity that includes the data centre, 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,” Intel chair Andy Bryant said. “We considered many outstanding executives and we concluded the best choice is Bob.”

Managing tech’s biggest transition

Swan is an interesting choice, having a track record of successful leadership inside and outside Intel.

He stepped into the interim CEO role in June after his predecessor, Brian Krzanich, resigned following an investigation into a “consensual relationship with an Intel employee”.

Prior to joining Intel, Swan served as an operating partner at General Atlantic and on Applied Materials’ board of directors. He previously spent nine years as CFO of eBay, where he is currently a director.

“In my role as interim CEO, I’ve developed an even deeper understanding of Intel’s opportunities and challenges, our people, and our customers,” Swan said.

“When I was first named interim CEO, I was immediately focused on running the company and working with our customers. When the board approached me to take on the role permanently, I jumped at the chance to lead this special company.

“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. I’m honoured 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.”

Last week (25 January) Intel reported fourth-quarter revenues of $18.7bn for 2018, up 9pc year over year. For the full year 2018, the company reported $70.8bn in revenues, which delivered a profit of $21.1bn.

“We are forecasting another record year and raising the dividend based on our view that the explosive growth of data will drive continued demand for Intel products,” Swan said last week.

In recent weeks reported how Intel is on the verge of a major manufacturing expansion at its facility in Kildare after winning planning permission for the project. The project could yield more than 3,000 construction jobs and 850 full-time technician roles when completed.

In December, Intel’s senior vice-president and general manager of manufacturing and operations, Irishwoman Ann Kelleher, announced that Intel planned to expand its major wafer fab sites in Ireland, Israel and Oregon to pursue a $300bn annual available chip market.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years