Robert Swan has taken over as interim chief executive officer while they search for a new CEO
Brian Krzanich has resigned as Intel’s CEO and has also stepped down from the board of directors following Intel’s discovery of a consensual relationship he had with an employee in the past.
Intel was informed recently about Mr Krzanich’s relationship history with an Intel employee.
This information triggered an internal investigation in the company: “An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers,” Intel said in a released statement.
Many large corporations have strict non-fraternisation policies in place and the resignation of Brian Krzanich shows that for Intel these polices apply to every employee within the company.
“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,” Intel have commented.
Mr Krzanich was Intel’s fifth CEO since its founding in 1968, having taken over in 2013 from Paul Otellini.
Krznaich is widely credited with moving the company away from personal computers and oversaw its expansion into new areas such as data management and data centres.
Chief Financial Officer Robert Swan has taken on the role of interim CEO after Mr. Krzanich resignation.
Intel Chairman Andy Bryant commented in a release that: “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.”
Intel shares have taken a bit of a down turn following the news and at the time of writing are down 2.38 per cent. They are currently trading at 52.19 USD.
Intel is aiming to quickly move on from this incident and in the same released statement concerning Mr Krzanich’s they emphasised positive returns: “Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99.”
Interim CEO Robert Swan commented in the announcement: “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.”