Swan, 58, has served as the company's interim CEO for seven months after being the company's chief financial officer since 2016. Swan ascended to the top of the chip maker's hierarchy after former CEO Brian Krzanich resigned in June 2018.
"The search committee conducted a comprehensive evaluation of a wide range of internal and external candidates to identify the right leader at this critical juncture in Intel's evolution," said Intel Chairman Andy Bryant. "We considered many outstanding executives and we concluded the best choice is Bob. Important in the board's decision was the outstanding job Bob did as interim CEO for the past seven months, as reflected in Intel's outstanding results in 2018."
The appointment concluded a drawn-out search that, reportedly, included many possible candidates both inside and outside of the company, which has traditionally promoted internal candidates to the top role.
The search picked up a new sense of urgency in January, with investors eager to see a replacement. Swan reportedly told staff that he didn't want the job following Krzanich's resignation. However, seven months later he is taking the reins of the $217 billion company.
Intel's stock was down 1.24% in premarket trading Thursday following the announcement. Shares are down 2.6% over the last six months. Shares fell sharply last week after the chip giant missed fourth-quarter revenue expectations and issued weak guidance for the first quarter.