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Intel CEO Brian Krzanich Resigns After Probe Into Relationship With Employee

Intel CEO Brian Krzanich Resigns After Probe Into Relationship With Employee

By Gadgets 360 Staff With Inputs From Reuters | Updated: 21 June 2018 19:08 IST

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Highlights

Krzanich resigned on Thursday, effective immediately
Intel CFO Robert Swan has been named interim CEO
Krzanich's relationship was deemed to be in violation of policy

Intel on Thursday said Chief Executive Officer Brian Krzanich has resigned, effective immediately, after a probe revealed that a past consensual relationship with an Intel employee violated company policy.

"An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternisation policy, which applies to all managers," the company said in a statement.

The board named Chief Financial Officer Robert Swan as interim chief executive officer.

"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.

The company revealed that as interim CEO, Swan will manage operations in close collaboration with Intel's senior leadership team. He has been the Intel CFO since October 2016 and leads the global finance, IT and corporate strategy organisations. Previously, Swan spent nine years as CFO of eBay, and before that, he was CFO of Electronic Data Systems and TRW. He has also served as CEO of Webvan Group.

Swan added, "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."

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Further reading: Intel, Intel CEO, Brian Krzanich