Brian Krzanic resigned on Thursday, June 21, after finding out that he had a previous contractual relationship with an Intel worker.
“Intel has recently been informed that Mr. Krzanich has a past consensus relationship with an Intel worker,” the company said in a press release. “Interim investigations by internal and external consultants have confirmed violations of Intel’s non-fraternization policy, which applies to all executives, given the expectation that all employees will respect Intel’s values and adhere to the company’s code of ethics, Krzanich’s resignation.”
Intel named Robert Swan, Chief Financial Officer, as interim CEO. Since October 2016, Swan has been Executive Vice President and Chief Financial Officer of Intel; previously he was a general partner in private equity and VC General Atlantic and CFO of Ebay Inc. (EBAY – Get Report) for nine years.
“The board strongly believes in Intel’s strategy and we believe that Bob Swan is able to lead the company by conducting a thorough search for a new CEO.” Bob has been a tool for developing and implementing Intel’s strategy and we know that “We welcome Brian many contributions to Intel,” said Andy Bryant, Intel’s chairman.
Krzanich became the CEO of Intel for the first time in 2013 after serving as chief operating officer. He began his career as an engineer in 1982 right after graduating from college.
In its press release, Intel also announced it expects revenue in the second quarter of $ 16.9 billion. The results of the second quarter will be released on July 29.
Early in the morning, Intel rose 1.7 percent to $ 54.39. By that date, shares are roughly 15%, compared to a 13% increase in Nasdaq for the same period.