Intel CEO Bob Swan kicked off his first shareholder meeting as the chip giant’s new boss with a display of humility after a downbeat earnings report that sparked doubts about the company’s direction.

“We let you down,” Swan told investors at the company’s headquarters in Santa Clara, California, on Wednesday. “And we let ourselves down.”

Swan, who had served as Intel’s chief financial officer, was named permanent CEO in January after serving on an interim basis following the resignation of Brian Krzanich. In April, Intel reported disappointing earnings, which included weak data-center-business revenues.

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