Intel CEO Resigns After Probe into Relationship with Employee

Intel CEO Resigns After Probe into Relationship with Employee

Intel CEO Brian Krzanich resigned last day after he was found violating company’s norms. The internal and external investigation found that he violated Intel’s non-fraternization policy. The company said Brian Krzanich had a consensual relationship with an Intel employee. Intel did not reveal the name of the employee.

Intel Corp on Thursday said Chief Executive Officer Brian Krzanich has resigned, effective immediately, after a probe revealed that a past consensual relationship with an Intel employee violated company policy.

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

Krzanich, 58, an engineer and Intel veteran known at the company as “BK,” was appointed CEO in May 2013. He led the company’s shift to focus on making chips for data centers that power cloud computing from its traditional stronghold in personal computers. Intel shares more than doubled during his tenure.

The board named Chief Financial Officer Robert Swan as interim chief executive officer. Intel has started looking for new CEO and will be announcing a new CEO very soon.

Intel on Thursday raised its second-quarter revenue and profit forecast, saying it expects quarterly revenue of about $16.9 billion and adjusted profit of about 99 cents per share, up from a previous forecast of $16.3 billion in revenue and adjusted earnings per share of 85 cents.

(News Inputs: Reuters, https://www.reuters.com)

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