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(CNN Business) —  

Chipmaker Intel elevated Bob Swan to permanent CEO Thursday.

Swan has served in an interim capacity since CEO Brian Krzanich was forced to resign in June because of a “past consensual relationship with an Intel employee.”

Swan had been Intel’s chief financial officer. He becomes the seventh CEO in the company’s 50-year history.

The company said its board had conducted a search of both internal and external candidates before settling on Swan.

“The board concluded after a thorough search that Bob is the right leader to drive Intel into its next era of growth,” said Chairman Andy Bryant.

Last week Intel (INTC) posted record annual revenue of $70.8 billion, up 13% from 2017. It said it expects further growth in 2019.

Intel’s fourth-quarter operating income, its first with Swan in charge for the full period, came in at $5.9 billion, which is up 14% from the previous year.