Intel CEO resigns over past relationship

Intel CEO resigns over past relationship

Business news |
Brian Krzanich has resigned as Intel CEO and as member of the board of directors after the company was informed about a past consensual relationship with an Intel employee that broke "non-fraternization" rules.
By Peter Clarke


Intel has named chief financial officer Robert Swan, interim chief executive officer with immediate effect.

Intel said in a statement that the company had been informed recently about the affair and that an investigation by internal and external counsel had confirmed that Krzanich had violated Intel’s non-fraternization policy, which applies to all managers. The other party was not named in the statement. Intel added that all staff are expected to respect Intel’s values and follow its codes of conduct and therefore the company had no choice but to accept Krzanich’s resignation.

“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,” said Intel chairman Andy Bryant, in the statement.

Swan has been Intel’s CFO since October 2016 and leads the global finance, IT and corporate strategy organizations. He previously spent nine years as CFO of eBay Inc.

Intel’s board of directors has begun a search for a permanent CEO, including both internal and external candidates and plans to retain an executive search firm to assist in the process.

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