Intel names a new CFO

Intel's incoming CFO, Bob Swan, most recently worked at General Atlantic as an operating partner, and before that he spent nine years as the CFO of eBay.

Intel said Monday that Bob Swan has been named the company's next chief financial officer. Swan will take over for Stacy Smith, who's switching to another role leading Intel's manufacturing, sales, and operations teams, on Oct. 10. Smith was Intel's CFO for nine years.

Swan most recently worked at investment firm General Atlantic as an operating partner, and before that he spent nine years as the CFO of eBay.

Intel CEO Brian Krzanich said Swan brings "financial acumen and strategic insight" to the executive leadership team as the company continues its transformation efforts.

Earlier this year, the tech giant announced plans to cut 12,000 jobs -- or nearly 11 percent of its workforce -- as part of a major restructure prompted by the decline in PC sales and other hardware.

At the time, Intel CEO Brian Krzanich said he believed Intel could transform from a PC company to "a company that powers the cloud and billions of smart, connected computing devices" by focusing on technology for connected things, memory, Moore's Law, and cloud.

Last week, Intel increased its third quarter revenue forecast, citing an expected turnaround in the PC market prompted by the replenishment of PC supply chain inventory.

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