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Intel CEO Brian Krzanich resigns after company learns of ’employee relationship’

INTEL CEO Brian Krzanich has resigned after violating the company’s policy on employee relationships. 

Intel said in a statement on Thursday that it recently became aware that Krzanich – who is, er, married to Brandee Krzanich and has two daughters – engaged in a “consensual relationship with an Intel employee”, breaking its non-fraternisation policy that applies to all managers. 

It’s unclear how the relationship came to light, but CNBC reports that it ended “some time back.”

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

“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 has named chief financial officer Bob Swan as interim chief effective, and he will take over from Krzanich immediately.

“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 Chairman Andy Bryant said.

“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.”

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.”

The company says it has begun searching for a permanent CEO, including both internal and external candidates. INQ‘s money is going on this guy

Krzanich took the position of CEO at Intel back in May 2013, after a decades-long career at the company. His promotion to CEO, which saw him take over from the late Paul Otellini, came after a 16-month spell as chipzilla’s COO. 

Earlier this year, Krzanich faced criticism after it was revealed that he sold off $24m worth of stock and options in the company in late November – months after first learning of the Meltown and Spectre security vulnerabilities affecting its chips. The sale left Krzanich with just 250,000 shares, the bare minimum required by Intel under the terms of his employment.

Intel has been quick to distance itself from Krzanich having already scrubbed his executive biography from its website.  µ

Further reading

Source : Inquirer

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