In a media release touting”another record year,” Intel dropped a bombshell, announcing that CEO Brian Krzanich is resigning, amid revelations of a”past consensual relationship” with an employee.
“Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee,” the firm notes in the release. “An ongoing evaluation by internal and outside counsel has confirmed a breach of Intel’s non-fraternization policy, which applies to all managers. Given the expectation that employees will respect Intel’s values and adhere to the company’s code of conduct, the Board has accepted Mr. Krzanich’s resignation.”
Krzanich is stepping down from both the chief executive position along with the organization’s board of directors half a decade later being appointed to this function. CFO Robert Swan was named the company’s interim CEO in his stead.
Here’s what he had to say on the matter:”Intel’s transformation to a data-centric company is well underway and our staff is generating great products, superb growth, and outstanding financial results. I look forward to Intel continuing to win in the marketplace.”
Meantime, Intel is looking in earnest for a more permanent replacement with both external and internal candidates.
“The Board believes ardently in Intel’s strategy and we’re convinced in Bob Swan’s capability to direct the business as we conduct a robust search to our next CEO,” Intel Chairman Andy Bryant said in the release. “Bob has been instrumental to the development and implementation of Intel’s plan, and we know that the corporation will continue to easily execute. We love Brian’s many contributions to Intel.”