Intel has announced the shock resignation of chief executive Brian Krzanich, naming chief financial officer Bob Swan interim CEO in his place.
Having joined Intel as a process engineer at the company's New Mexico facility in 1982, Brian Krzanich rose through the ranks to take over the role of chief executive officer from Paul Otellini in 2013. While met with initial success, Krzanich has presided over Intel's increasingly-delayed 10nm process node - now years overdue - but neither that nor the ongoing investigation into his mass sale of shares prior to the public announcement of the Spectre and Meltdown security vulnerabilities appear to have brought him low. Instead, he has resigned over what Intel reports as a violation of the company's non-fraternisation policies - put in place to prevent management from entering into a romantic relationship with their staff.
Uncovered as part of what Intel describes as 'an ongoing investigation by internal and external counsel,' the relationship - details of which have not been disclosed, bar to describe it as 'a past consensual relationship with an Intel employee' - has led to Krzanich's resignation, effective immediately, and his replacement as chief executive by chief financial officer Bob Swan in the interim. At the same time, Krzanich has also stepped down from the company's board of directors.
'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,' claims Intel's chair Andy Bryant. '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.'
'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,' adds Swan. 'I look forward to Intel continuing to win in the marketplace.'
Intel has confirmed it has begun the search for a permanent chief executive, and is considering candidates both internal and external.
May 15 2020 | 11:00