Intel Names Robert Swan CEO

 

SANTA CLARA, Calif., Jan. 31, 2019 – Intel Cor­po­ra­ti­on (NASDAQ: INTC) today announ­ced that its board of direc­tors has named Robert (Bob) Swan as chief exe­cu­ti­ve offi­cer. Swan, 58, who has been ser­ving as Intel’s inte­rim CEO for seven mon­ths and as chief finan­ci­al offi­cer sin­ce 2016, is the seventh CEO in Intel’s 50-year histo­ry. Swan has also been elec­ted to Intel’s board of direc­tors.

Todd Under­wood, vice pre­si­dent of Finan­ce and direc­tor of Intel’s Cor­po­ra­te Plan­ning and Repor­ting, will assu­me the role of inte­rim chief finan­ci­al offi­cer as the com­pa­ny under­ta­kes an inter­nal and exter­nal search for a per­ma­nent CFO.

As Intel con­ti­nues to trans­form its busi­ness to cap­tu­re more of a lar­ge and expan­ding oppor­tu­ni­ty that inclu­des the data cen­ter, 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,” said Chair­man Andy Bryant. “The search com­mit­tee con­duc­ted a com­pre­hen­si­ve eva­lua­ti­on of a wide ran­ge of inter­nal and exter­nal can­di­da­tes to iden­ti­fy the right lea­der at this cri­ti­cal junc­tu­re in Intel’s evo­lu­ti­on. We con­si­de­red many out­stan­ding exe­cu­ti­ves and we con­clu­ded the best choice is Bob. 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. 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.”

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 hono­red 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.”

More: Robert (Bob) Swan’s Email to Intel Employees, Custo­mers and Part­ners on First Day as CEO

Swan is a pro­ven lea­der with a strong track record of suc­cess both wit­hin and out­si­de Intel. As inte­rim CEO, Swan has mana­ged the company’s ope­ra­ti­ons in clo­se col­la­bo­ra­ti­on with Intel’s seni­or lea­dership team. Swan has been Intel’s CFO sin­ce Octo­ber 2016. In this role, he led the glo­bal finan­ce, mer­gers and acqui­si­ti­ons, inves­tor rela­ti­ons, IT and cor­po­ra­te stra­te­gy orga­ni­za­ti­ons. Pri­or to joi­ning Intel, Swan ser­ved as an ope­ra­ting part­ner at Gene­ral Atlan­tic LLC and ser­ved on App­lied Mate­ri­als’ board of direc­tors. He pre­vious­ly spent nine years as CFO of eBay Inc., whe­re he is cur­r­ent­ly a direc­tor. Ear­lier in his care­er, he was CFO of Elec­tro­nic Data Sys­tems Corp. and TRW Inc. He also ser­ved as CFO, COO and CEO of Web­van Group Inc., and began his care­er at Gene­ral Elec­tric, ser­ving for 15 years in several seni­or finan­ce roles.

For­ward-Loo­king State­ments

State­ments in this press release that refer to future plans and expec­ta­ti­ons are for­ward-loo­king state­ments that invol­ve a num­ber of risks and uncer­tain­ties. Words such as “anti­ci­pa­tes,” “expec­ts,” “intends,” “goals,” “plans,” “belie­ves,” “seeks,” “esti­ma­tes,” “con­ti­nues,” “may,” “will,” “would,” “should,” “could,” and varia­ti­ons of such words and simi­lar expres­si­ons are inten­ded to iden­ti­fy such for­ward-loo­king state­ments. State­ments that refer to or are based on esti­ma­tes, fore­casts, pro­jec­tions, uncer­tain events or assump­ti­ons, inclu­ding state­ments rela­ting to total address­able mar­ket or mar­ket oppor­tu­ni­ty and anti­ci­pa­ted trends in our busi­nes­ses or the mar­kets rele­vant to them, also iden­ti­fy for­ward-loo­king state­ments. All for­ward-loo­king state­ments inclu­ded in this release are based on management’s expec­ta­ti­ons as of the date of this release and, except as requi­red by law, Intel dis­c­laims any obli­ga­ti­on to update the­se for­ward-loo­king state­ments to reflect future events or cir­cum­s­tan­ces. For­ward-loo­king state­ments invol­ve many risks and uncer­tain­ties that could cau­se actu­al results to dif­fer mate­ri­al­ly from tho­se expres­sed or implied in such state­ments. Important fac­tors that could cau­se actu­al results to dif­fer mate­ri­al­ly from the company’s expec­ta­ti­ons are set forth in Intel’s ear­nings release dated Janu­a­ry 24, 2019, which is inclu­ded as an exhi­bit to Intel’s Form 8-K fur­nis­hed to the SEC on such date.  Addi­tio­nal infor­ma­ti­on regar­ding the­se and other fac­tors that could affect Intel’s results is inclu­ded in Intel’s SEC filings, inclu­ding the company’s most recent reports on Forms 10-K and 10-Q. Copies of Intel’s Form 10-K, 10-Q and 8-K reports may be obtai­ned by visi­t­ing our Inves­tor Rela­ti­ons web­site at www.intc.com or the SEC’s web­site at www.sec.gov.