"In addition, the company has made strong progress on its 7nm process technology and plans on providing an update when it reports its full fourth-quarter and full-year 2020 results as previously scheduled on January 21, 2021", Intel said.
Though it said the announcement was "unrelated" to Intel's financial performance, the decision follows a December letter to the company from Third Point, led by activist investor Daniel Loeb.
Swan will be replaced by Pat Gelsinger, CEO of cloud computing company VMware, on February 15.
Sources familiar with the matter told Reuters that Gelsinger had turned down the top Intel job before, and it was not immediately clear what had changed his mind. The company has faced successive delays in its chip fabrication process and has begun talking with Taiwan Semiconductor Manufacturing and Samsung Electronics about the Asian companies making some of its best chips.
Intel spokesman William Moss said Wednesday the changeover "was not driven by Third Point".
While Intel remains one of the world's leading chip companies, it has lagged behind rivals in the fast-growing segment of mobile devices, and its chips are being phased out by Apple, which is developing its own microprocessors for its Mac computers.
CEO of VMWare, Pat Gelsinger, is expected to take over the position.
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.