Swan, the chief financial officer for the Santa Clara chip maker, has been serving as interim CEO since the departure of Brian Krzanich in June over a relationship with an employee.
Intel last week posted disappointing fourth-quarter results, with sales across all segments failing to meet analysts’ expectations.
In addition, Swan issued a weak outlook for 2019, citing concerns about China trade, and memory chips.
Swan joined Intel as CFO in 2016, and had held the same position for nearly a decade at eBay, where he remains a board member.
In announcing the move Thursday, Intel Chairman Andy Bryant praised Swan’s performance over the past seven months and said the company had conducted a thorough search for the top job internally and externally.
“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,” Bryant said in a statement.
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