Intel (NASDAQ:INTC) CEO Brian Krzanich is no longer with the company.
The Intel CEO turned in his resignation to the company. He is also no longer a member of the company’s Board of Directors. The reason for his resignation is news of a past relationship with an INTC employee.
According to Intel, it learned that Brian Krzanich was previously in a consensual relationship with one of its employees. The company has a no fraternization policy that applies to all of its managers, including its CEO. No further details about the relationship were revealed by the company.
Intel already has a temporary replacement taking over for Brian Krzanich following his resignation. This is current CFO Robert Swan. He will continue to hold the position while INTC searches for a new CEO.
INTC notes that it is its intention to search both internally and externally for a new permanent CEO to replace Brian Krzanich. To go along with this, the company is planning to hire an executive search firm to aide it in this task.
“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,” Andy Bryant, INTC’s Chairman, said in a statement. “We appreciate Brian’s many contributions to Intel.”
INTC stock was down 1% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.