Brian Krzanich, the chief executive of Intel, has stepped down, effective immediately, following an investigation that discovered that he had a ‘past consensual relationship’ with an employee.
Krzanich also resigned as one of the board of directors. The BOD has named Robert Swan, the chief financial officer of the company, as the interim CEO.
A continuous investigation that was conducted by external and internalcounsel for the company confirmed that the relationship of Krzanich was “a violation of Intel’s non-fraternisation policy,” which is applicable to all managers at the firm.
A statement from the company disclosed that as all employees must respect the values of Intel and adhere to its code of conduct, the board has since accepted the resignation of Krzanich.
Andy Bryant, the chairman of Intel, stated: “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.”
Serving as the interim chief, Swan will manage the operations of the company in collaboration with the senior leadership team of Intel. He served as the CFO, his former position, since October 2016. He joined the company after serving as the CFO of eBay, an online retailer, for nine years.
Swan stated: “Intel’s transformation to a data-centric company is well under way 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 also said it is expecting to deliver a record second quarter this year. It anticipated its revenues to hit approximately $16.9bn (£12.7bn).
The share price of Intel was down by 1.32 percent after the release of the announcement.