Intel has announced that its CEO Brian Krzanich had resigned over a consensual relationship with a female employee. He would be replaced in the interim by CFO Bob Swan, who joined the company less than two years ago.
“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,” Intel said in a statement. The resignation comes after the company said it discovered Krzanich had a past consensual relationship with an Intel employee.
The statement further disclosed: “An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers. Given the expectation that all employees will respect Intel’s values and adhere to the company’s code of conduct, the board has accepted Mr Krzanich’s resignation.”
The company said its board of directors has begun a search for a new permanent CEO and would consider both internal and external candidates.
The shares of Intel rose 2% in premarket trading, as the company also released a higher financial forecast for the second quarter. The company said it expected to collect $16.9 billion in revenue, up from $16.3 billion in a prior forecast. And adjusted earnings per share will hit 99 cents, up from the earlier forecast of 85 cents.
