Intel CEO quits as news of employee romance surfaces - TechCentral

Intel CEO quits as news of employee romance surfaces

Brian Krzanich

Intel’s CEO, Brian Krzanich, has resigned. The giant chip maker’s chief financial officer, Bob Swan, has been named interim CEO until a permanent replacement can be found.

Krzanich fell on his sword after company officials learnt that he’d had a previous consensual relationship with an Intel employee. Company rules prohibit such relationships for managers.

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

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

As interim CEO, Swan will manage operations in close collaboration with Intel’s senior leadership team. Swan has been Intel’s chief financial officer since October 2016 and leads the global finance, IT and corporate strategy organisations. He previously spent nine years as CFO of eBay.

At the same time, the company said it expects to deliver a record second financial quarter, with revenues of about US$16.9-billion. “With accelerating data-centric revenue, the company is off to an excellent start in the first half of the year and expects 2018 to be another record year,” it said, adding that the quarterly results will be published on 26 July.  — © 2018 NewsCentral Media