American chip company Intel has appointed Robert Swan as the new head. The 58-year-old manager has run the business on an interim basis for seven months, after former CEO Brian Krzanich resigned in June. Krzanich left the company after establishing a friendly relationship with a co-worker who had been back several years.
Swan said recently that the Board is scrutinizing candidates for “the biggest and best open job on the planet” and has a “sense of urgency”.
This urgency was now apparently too big. Swan has been CFO of Intel since 2016.
Todd Underwood, acting as Vice President of Finance Todd Underwood, will take over this role provisionally, as the company announced on Thursday. A permanent CEO is now being sought.
The chip manufacturer’s move to fill the open positions with the managers who are already transitional players in this role did not convince the shareholders on Thursday: the share price fell by 3 percent at the start of trading.
Swan takes over as CEO at a time when Intel is under pressure.
While the San Jose company’s chips are found in more than 90 percent of the world’s laptops and more servers, the competition has grown rapidly in recent years.
Intel reported lower revenue than expected for the quarter just ended, giving a cautious outlook.