Intel CEO Brian Krzanich resigns

Published: 21st Jun 2018, 13:11 GMT   Comments

Bloomberg reports that Intel CEO has resigned due to ‘consensual relationship with employee’.

Intel CEO resigns

Bloomberg News broke a story on Intel CEO resignation. He allegedly had a consensual relationship with an employee. This unexpected news will surely affect the company, which has been criticized for its 10nm product delays.

According to Intel internal and external investigation has confirmed that company’s policy has been violated.

Robert Swan, Chief Financial Officer, has been named as interim CEO.

Press Release:

SANTA CLARA, Calif. – June 21, 2018 – Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the board of directors. The board has named Chief Financial Officer Robert Swan interim chief executive officer, effective immediately.

Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization 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.

“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.

Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. 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. Intel will provide full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on July 26.

As interim CEO, Swan will manage operations in close collaboration with Intel’s senior leadership team. 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. Earlier, he was CFO of Electronic Data Systems Corp. and TRW Inc. He has also served as CEO of Webvan Group Inc.

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 board has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates. The board will retain a leading executive search firm to assist in the process.

Source: Bloomberg




Comment Policy
  • Comments must be written in English.
  • Comments deemed to be spam or solely promotional in nature will be deleted. Including a link to relevant content is permitted, but comments should be relevant to the post topic.
  • Comments containing language or concepts that could be deemed offensive will be deleted. Note this may include abusive, threatening, pornographic, offensive, misleading or libelous language.
  • A failure to comply with these rules will result in a warning and, in extreme cases, a ban.
  • Please note that comments that attack or harass an individual directly will be deleted and such comments will result in a ban.
  • VideoCardz Moderating Team reserves the right to edit or delete any comments submitted to the site without notice.
  • If you have any questions about the commenting policy, please let us know through the Contact Page.
Hide Comment Policy
Comments