Intel names Robert Swan as CEO

Intel Corporation on Thursday named Robert Swan as its new 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, the company said in a statement.

"Swan'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," said Chairman Andy Bryant.

Swan has also been elected to Intel's board of directors.

"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," said Swan.