Intel's CEO search continues 'with a sense of urgency,' Bob Swan says

More than six months after Intel CEO Brian Krzanich departed, Intel's board should find the right replacement soon, CFO and Interim CEO Bob Swan said Thursday.
Written by Stephanie Condon, Senior Writer

More than six months after the the abrupt resignation of Intel CEO Brian Krzanich, Intel's board of directors is still looking for his replacement, CFO and Interim CEO Bob Swan said on a conference call Thursday.

"The board continues to evaluate candidates for what I believe is the biggest and best open job on the planet," he said. "They are proceeding with a sense of urgency while also ensuring that they make the right choice for this great company."

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Swan said he expects the board to close on a new CEO "in the near feature." In the meantime, he added, Intel's leadership and its 107,000 employees "will not be distracted by the vote."

Swan broached the CEO search at the start of a conference call to discuss the company's fourth quarter fiscal 2018 financial results. Intel beat earnings expectations and set a new annual revenue record. Still, revenues for the fourth quarter of FY 2018 fell below market expectations, and guidance for the next quarter was lighter than expected.

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In spite of the gap in leadership, Intel's management and employees "have come together as a team to continue driving Intel's transformation to a data-centric company," Swan said. "Our 2018 results demonstrate the progress we've made."

As he noted, Intel's data-centric group delivered record annual revenue of $23 billion, up 21 percent year-over-year, on strong cloud demand and growing share with communication service provider customers.

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