After a months long search Intel has finally selected its next chief executive officer and it is Robert Swan.

The newly selected exec has been serving as the firms interim CEO for seven months following the sudden departure of Brian Krzanich.

Before taking up the position of interim CEO, Swan served as Intel’s chief financial officer.

“As Intel continues to transform its business to capture more of a large and expanding opportunity that includes the data center, artificial intelligence and autonomous driving, while continuing to get value from the PC business, the board concluded after a thorough search that Bob is the right leader to drive Intel into its next era of growth,” chairman Andy Bryant said of the appointment.

As for Swan, he says that in his role as interim CEO he has developed a deeper understanding of the challenges and opportunities at Intel.

“When I was first named interim CEO, I was immediately focused on running the company and working with our customers. When the board approached me to take on the role permanently, I jumped at the chance to lead this special company,” Swan said in a statement.

The news of Swan’s new position did wobble the stock market ever so slightly.

Shortly after the announcement Intel’s share price slid as much as three percent before recovering slightly and closing one percent down according to CNBC.

[Source – BusinessWire][Image – Intel]