Intel’s interim CEO Bob Swan becomes permanent CEO.

Intel’s new CEO is Bob Swan, the executive who has been leading the company on an interim basis for the past seven months and who joined as CFO in 2016. Intel’s prior CEO, Brian Krzanich, resigned last June after the company discovered he had violated policies with a “past consensual relationship” with an employee.

While Krzanich was an engineer, Swan mostly comes from a line of financial and investing roles. He was the CFO of eBay for nine years, starting in 2006. After leaving, he joined the venture capital firm General Atlantic, which has investments in Slack, Snap, Airbnb, and Uber (also Vox Media, this website’s parent company). Swan was also the CFO, COO, and — for four months — the CEO of Webvan, a grocery delivery startup that crashed when the dot-com bubble burst.

Swan says he “jumped at the opportunity” when asked to become Intel’s permanent CEO. But that appears to be a change of heart. In June, Swan reportedly told employees that he wasn’t interested in the job.

In an open letter this morning, Swan lays out four focuses for Intel going forward. Many of those are boring corporate nonsense — “we must be bold and fearless” — but some of them speak to what his goals must be as the new CEO of Intel.

Swan writes that Intel’s “execution must improve.” That’s crucial since the defining narrative of Intel’s past few years has been a failure to ship major new generations of chips, and the PC industry has stalled as it waits. Not only that, but there’s even been a resurgence of competitive chips from its rival, AMD, which had been in Intel’s rear-view mirror for years.

Intel will largely stay the course it’s already on, Swan says, meaning a focus on building chips for PCs, laptops, servers, and more while exploring new fields like building chips for autonomous driving and AI. “Our core strategy is not changing,” he writes.