SANTA CLARA (CBS SF) — Chipmaker Intel, headquartered in Santa Clara, elevated Bob Swan to permanent CEO Thursday.
Swan has served in an interim capacity since CEO Brian Krzanich was forced to resign in June because of a “past consensual relationship with an Intel employee.”READ MORE: Atmospheric River: Alameda County Fair Reopening Monday After Storm Knocks Down Trees, Damages Booths
At the time, Intel said that the relationship was in violation of the company’s non-fraternization policy, which applies to all managers. Spokesperson William Moss said Intel has had the policy in place for “many years.”
Swan had been Intel’s chief financial officer. He becomes the seventh CEO in the company’s 50-year history.
The company said its board had conducted a search of both internal and external candidates before settling on Swan.READ MORE: Atmospheric River: Power Restored To Majority of Residents; PG&E Blames Downed Trees For Massive Outages
“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.
Last week Intel (INTC) posted record annual revenue of $70.8 billion, up 13% from 2017. It said it expects further growth in 2019.
Intel’s fourth-quarter operating income, its first with Swan in charge for the full period, came in at $5.9 billion, which is up 14% from the previous year.MORE NEWS: UPDATE: Flood Waters Shut Down Lanes Of I-880; Alameda's Harbor Bay Parkway, Silverado Trail In Napa
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