Intel Corporation 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. Prior to joining Intel, Swan served as an operating partner at General Atlantic LLC and served on Applied Materials' board of directors.