Intel chief executive Brian Krzanich is stepping down after a relationship that violated company conduct rules was revealed.
Intel today (21 June) announced that CEO and chair of the company board, Brian Krzanich, is to resign following an investigation into a “consensual relationship with an Intel employee”.
For now, chief financial officer Robert Swan will take the reins as interim CEO, effective immediately, and the board is already on the hunt for Krzanich’s replacement.
Brian Krzanich resigns
In a statement, the company said: “An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternisation policy, which applies to all managers.
“Given the expectation that all employees will respect Intel’s values and adhere to the company’s code of conduct, the board has accepted Mr Krzanich’s resignation.”
The outgoing CEO violated a policy that said he was not allowed have a relationship with a direct or indirect report. It is not clear at what time the relationship began but it is understood to have ended some time ago. The identity of the Intel employee in question is not yet known.
Krzanich had been CEO of Intel since 2013, where he had been guiding the company in a more data-focused direction, as opposed to its historical association with the personal computer market. He had been working at Intel since 1983.
Interim CEO makes a statement
Interim CEO Swan said: “Intel’s transformation to a data-centric company is well underway and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace.”
Intel chair Andy Bryant said: “Bob [Swan] has been instrumental to the development and execution of Intel’s strategy, and we know the company will continue to smoothly execute. We appreciate Brian’s many contributions to Intel.”
In the same press statement, Intel said it expected to report second-quarter revenues of approximately $16.9bn and earnings of $0.99 per share.