Intel’s seven-month CEO search ended Thursday with the guy who said he didn’t want the job — Chief Financial Officer Bob Swan.

Swan has been interim CEO since June, when Intel forced out the man who’d hired him, former chief Brian Krzanich. Privately and publicly, Swan  had insisted from the start he was a placeholder — that he didn’t want to be CEO and wasn’t a candidate.

After months of looking inside and outside the company without result, though, Intel opted for the man already doing the job.

“In my role as interim CEO, I’ve developed an even deeper understanding of Intel’s opportunities and challenges, our people and our customers,” Swan, 58, said in a written statement Thursday. “When the board approached me to take on the role permanently, I jumped at the chance to lead this special company.”

Investors were unimpressed. Intel shares, which fell nearly 10 percent during the CEO search, dropped 2 percent Thursday morning. The stock then rebounded modestly, down 0.9 percent, at the closing bell at $47.12.

Industry analysts said investors may be dissatisfied that Intel chose a financial expert with a reputation for cost cutting at a time when the company faces significant technical challenges.

Intel is years late in delivering its next class of microprocessor, and rivals have caught up or surpassed the company in several key technologies.

“A lot of people were looking for a technology leader, a visionary to lead Intel at this point,” said Kevin Krewell, principal analyst at Tirias Research, which follows Intel closely.

But such people are hard to find, Krewell said, and it might be difficult to persuade them to come to Intel as it’s trying to recover from serious lapses. Krewell said Swan has been impressive as interim CEO.

“I found the guy very reasonable. I think he’s a good manager,” Krewell said. “He doesn’t necessarily have to be the technology leader as long as he has the right people under him.”

Though Intel’s headquarters are in Silicon Valley, where Swan works, the company’s largest and most advanced operations are in Oregon. Intel is the state’s largest corporate employer, with a workforce of 20,000 in Washington County.

Intel plans to announce details of  a major expansion to its Hillsboro factories Monday night.

Swan takes the helm as the company comes off a banner year, driven by surging demand for computer chips to run the data center industry — a market it dominates.

Swan faces considerable challenges. Intel told investors last week it expects essentially flat sales this year as data center growth cools off, China’s economy sags and the trade war widens.

Moreover, Intel has struggled at its most basic task —delivering regular upgrades to its microprocessor technology. Its forthcoming 10-nanometer class of computer chip, years behind schedule, is due at the end of the year.