Swan's finance background marked a shift for Intel, which has mostly had engineers at the top since its 1968 founding, though its fifth CEO was an economist.
Swan, a former chief financial officer at Intel, assumed interim leadership in 2018 after CEO Brian Krzanich resigned after the company learned of what it called a past, consensual relationship with an employee.
Intel Chairman Omar Ishrak said in a prepared statement that “the board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel.”
Third Point didn't immediately respond to a request for comment Wednesday, but its CEO Daniel Loeb tweeted that “Swan is a class act and did the right thing for all stake holders stepping aside for Gelsinger.”
After a search, Intel confirmed Swan as CEO in early 2019.