Intel appoints Bob Swan as new Finance Chief


American multinational technology company Intel said that veteran finance executive Bob Swan would be its next finance chief. There are lot of speculations in ending months about who would replace long-time finance chief Stacy Smith.

Bob Swan

Earlier this year, the world’s largest chip maker said that Mr Stacy Smith would replace and he is moving to new role leading sales, manufacturing and operations, Intel said.

Bob Swan, 56, joins from private equity firm General Atlantic and will take care of global finance and IT organizations, as well as corporate strategy office. And he will report to the Intel CEO Brian Krzanich.

“I’m thrilled to join Intel, a company where incredible innovation is supported by strong financial management,” Swan said.

Krzanich told that Bob will bring a wealth of leadership and financial experience to Intel.

He further added that his financial acumen and strategic insight would welcome additions to their team as Intel transformation continues.

Bob Swan would receive an annual salary of $850,000 and a bonus with a target payout of $1.1 million and a $5.5 million hiring bonus, paid out over two years, according to a report.

Prior to the announcement, the company’s shares were declined to 1.4% to $37.16 at the close in New York. And the stock has gained 7.9% this year.

He served 9 years as the CFO of eBay. He also served as CFO at Electronic Data Systems Corp and at TRW. And as a CFO, COO and CEO of Webvan Group.