Intel Found a New CEO After Seven Months of Searching

58 year old Bob Swan become a new CEO of Intel, the microprocessor manufacturer announced. Swan worked as the CFO since 2016, and he worked as the CEO since June 2018.

For the first time, Intel has appointed a person who is not associated with the design and manufacture of microchips to the position of CEO, Reuters notes. Swan is the seventh CEO in the Company’s history; all previous chief executives were researchers or engineers and started their careers at manufacturing site.

Swan worked in finance during almost all his career. Prior to joining Intel, he was the CFO of eBay for nine years, as well as a partner of the General Atlantic Investment Fund. At the beginning of his career, Swan worked as the Chief Operating Officer of the Webvan Group’s home delivery service, which was closed in 2001.

Swan himself has repeatedly stated publicly that he would not want to become the CEO of Intel on a permanent basis. However, Reuters’ sources claim that during internal discussions, the manager said that if he was offered this position, he would agree it.

Intel is one of the few companies that simultaneously designs and manufactures microchips on its own, Reuters notes. However, it has lost leadership in some markets due to fierce competition with Advanced Micro Devices and Nvidia Corp, which develop but not manufacture their own chips. The new CEO is faced with the task to recover high production volumes and return the Company’s lost share.