Intel gives interim CEO permanent job after seven-month hunt

Bob Swan claimed he didn't want the role just weeks ago

Intel has appointed CFO Bob Swan as its permanent chief executive.

Swan has been in the role for the past seven months, when former CEO Brian Krzanich resigned after a prior affair with an employee came to light.

Earlier this month he told CNBC that he did not want the position of chief exec, preferring to return to his CFO job.

"No, I do not [want the job]," he told the broadcaster. "I love my day job as the CFO.

"We believe this is the best open job on the planet, and the management team has told the board, ‘Take you time, find somebody great, in the meantime, we'll be just fine kind of running the company'."

Intel's share price fell nearly three per cent following the announcement, while rival AMD's climbed more than seven per cent.

In a Q4 earnings call with investors last week he re-emphasised that the board was making it a priority to find the right candidate for the role.

Swan had clearly changed his mind in the intervening weeks, according to an email he sent to employees announcing the news.

"When the board approached me about taking the CEO role, I jumped at the opportunity to remove 'interim' from my title," he wrote.

He told staff that the company's focus will remain on moving away from its traditional hardware market.

"We are evolving from a PC-centric to a data-centric company that builds the technology foundation powering the world's innovations," he stated.

"What will change is how we serve our customers and how we partner and build the best technology together."

Many tech veterans had been touted for the role, including Diane Bryant, former head of Intel's datacentre group; and Renee James, its former president. They departed the company just before Krzanich's resignation.

Other names are thought to have included Lisa Su, CEO of AMD and Apple hardware exec Johny Srouji.

Chairman Andy Bryant said that the way Swan took over the role and led the company to a record-breaking year played a large part in offering him the gig.

"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," he said.

"Bob's performance, his knowledge of the business, his command of our growth strategy, and the respect he has earned from our customers, our owners, and his colleagues confirmed he is the right executive to lead Intel."

Current VP of finance Todd Underwood will now become the interim CFO as Intel begins to hunt for a permanent person to fill that vacancy.