Former CFO of Ebay is appointed as CFO of Intel.
Intel has appointed Bob Swan as executive vice president and chief financial officer (CFO). The new position will take effect from early October 2016.
Swan, former finance chief at Ebay, from March 2006 to July 2015, will be overseeing Intel’s finance, internal technology and strategy offices whilst reporting to Intel CEO Brian Krzanich.
Having joined Intel from growth equity firm General Atlantic, Swan replaces Stacy Smith, who is to take a broader role within Intel, as previously announced, leading manufacturing, sales and operations after serving nine years as Intel’s CFO.
According to a company filing, Swan is to receive a hiring bonus of $5.5 million and a starting salary of $850,000.
Before working at Ebay and General Atlantic, Swan was CFO at Electronic Data Systems Corp and at TRW Inc. He also served as CFO, COO and CEO of Webvan Group Inc.
Bob Swan said: “I’m thrilled to join Intel, a company where incredible innovation is supported by strong financial management.”
Intel has made changes within the year to focus on the lucrative data centre and Internet of Things markets, also reducing its dependence on the sluggish PC segment.
The company also recently announced the 3D NAND solid state drives (SSDs), towards targeting consumers, businesses, Internet of Things and data entre applications.
Following this, Intel launched its 7th generation Core processor. The new chips, which are built with the company’s most advanced manufacturing technology, should towards the end of September 2016.
Intel’s CEO Brian Krzanich said:
“Bob brings a wealth of leadership and financial experience to Intel. His financial acumen and strategic insight will be welcome additions to our leadership team as Intel’s transformation continues.”
Intel’s shares declined 1.4 percent to $37.16 at the close in New York prior to the recent announcement and the stock has gained 7.9 percent this year alone.