Intel Hires New Chief Financial Officer

Intel Monday said it has appointed Bob Swan as the company’s new CFO to oversee Intel’s global finance and IT organizations, as well as the company's Corporate Strategy Office.

Swan replaces Stacy Smith, who the company said in April will take a broader role in Intel to spearhead manufacturing, sales and operations.

’Bob [Swan] 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,’ CEO Brian Krzanich said in a statement.

[Related: CRN Exclusive: Intel VP Tichelman Talks Internet Of Things, SSDs, And Virtual Reality Opportunities For The Channel]

Sponsored post

Swan was most recently an operating partner at growth equity firm General Atlantic, where he worked with the company’s global portfolio on growth objectives. Prior to that, Swan has held executive positions at companies including eBay, Electronic Data Systems and General Electric.

Intel this year has made changes to focus on the lucrative data center and Internet of Things markets and reduce its dependence on the sluggish PC segment.

In addition to cutting 12,000 jobs globally – about 11 percent of its workforce – over the past few months, Intel has made some critical executive changes as well. The company last year hired Venkata ’Murthy’ Renduchintala, a former Qualcomm executive, to lead the charge in its developments around IoT strategy.

Kent Tibbils, vice president of marketing at ASI, a Fremont, Calif.-based Intel system builder, applauded the new hire, saying ’we have complete confidence in Intel and their entire organization.’

’We are also very pleased with Intel’s strategy as it relates to IoT, the cloud and other emerging markets because Intel’s leadership in these areas is critical to the future health of the IT channel,’ said Tibbils. ’The overall market is changing so we all need to be able to adapt and adjust our business strategies. This type of flexibility has always been a channel strength and Intel has always provided the guidance as well as the product resources to be successful, and we see nothing changing in that regard.’

Swan will transition into his new role Oct. 10, according to Intel.