Intel announced today that its CEO Brian Krzanich has resigned from the company and its board of directors; the board has thus named CFO Robert Swan as the interim CEO.
“Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee,” the company states in its press release explaining the reasoning behind the resignation. “An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers.”
Krzanich’s resignation was accepted by the board to preserve “the expectation that all employees will respect Intel’s values and adhere to the company’s code of conduct.”
It’s unclear with whom the relationship was with, but CNBC reports that it took place “some time back”; Intel was only recently made aware of it, prompting an investigation and resulting in the board asking Krzanich to resign, the report states citing people familiar with the situation.
Intel is now focused on looking for a more permanent replacement with both internal and external candidates. As for right now, Robert Swan will be the interim CEO, with Intel Chairman Andy Bryant stating:
“The board believes strongly in Intel’s strategy and we are confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO. Bob 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.”
The company continues by boasting about 2018 being “another record year,” and raising guidance for the second quarter from 85 cents a share on $16.3 billion in revenue to 99 cents a share on $16.9 billion in revenue.
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