You are here

Intel appoints former eBay CFO Bob Swan as new finance chief

Tuesday, September 20, 2016 - 08:53

38999958 - 07_07_2016 - FRANCE-ECONOMY-INTEL-EMPLOYMENT.jpg
Intel Corp, the world's biggest semiconductor maker, hired Robert Swan as chief financial officer, replacing Stacy Smith, who's taking a wider role within the company.

[SAN FRANCISCO] Intel Corp, the world's biggest semiconductor maker, hired Robert Swan as chief financial officer, replacing Stacy Smith, who's taking a wider role within the company.

Mr Swan, finance chief at eBay Inc from March 2006 to July 2015, will oversee Intel's finance, internal technology and strategy offices, the chipmaker said Monday in a statement.

He had been an operating partner at private equity firm General Atlantic LLC. Intel had previously announced that Mr Smith was leaving the role he held for nine years to lead manufacturing, sales and operations.

Mr Swan, 56, joins a company trying to reinvent itself as a more general provider of chips because its main product, processors for personal computers, is suffering from a multiyear decline in demand.

sentifi.com

Market voices on:

He'll help chief executive officer Brian Krzanich transition the company and defend its lead in server chips, a lucrative market that provides much of Intel's profits.

Mr Swan will receive a hiring bonus of US$5.5 million and a starting base salary of US$850,000, according to a company filing.

The company's shares declined 1.4 per cent to US$37.16 at the close in New York prior to the announcement. The stock has gained 7.9 per cent this year.

BLOOMBERG

Powered by GET.comGetCom