Intel announced today that CEO Brian Krzanich has resigned over a relationship with an employee. The board has named Chief Financial Officer Robert Swan as interim chief executive officer, effective immediately.
In a statement, Intel said it was notified of Krzanich’s past consensual relationship with the unnamed employee. An investigation by the company’s internal and external counsel confirmed this. Intel has a non-fraternization policy for all managers. It’s unclear how the relationship came to light, but CNBC reports that it ended "some time back.”
Krzanich’s biography on Intel’s website has been removed. He’s yet to publicly comment on the matter.
“We are confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO,” Intel Chairman Andy Bryant said. “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.”
Krzanich helmed the company during the Spectre and Meltdown vulnerabilities within the last year—affecting hundreds of millions of devices. “This is not a singular event,” he said at the time. “It is a long-term commitment. One that we take very seriously.” The former CEO was also criticized for selling $39 million of Intel stock after learning of the security flaws, and before they became public.
“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,” Swan said in a statement. Intel’s board has already begun searching for a permanent replacement.