Brian Krzanich, Intel’s CEO, has resigned after the chip company discovered he had had a past consensual relationship with an employee.
An ongoing investigation by internal and external counsel confirmed the relationship, a violation of Intel’s manager-level non-fraternization policy. Robert Swan, the company’s chief financial officer, has been appointed as the new interim CEO, effective immediately.
Intel Inside, Krzanich Outside
“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 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.”
Swan has been Intel’s CFO since October 2016, before which he spent nine years as eBay’s CFO of eBay. He also worked as the CFO of Electronic Data Systems and TRW, as well as CEO of Webvan Group.
Swan said: “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. I look forward to Intel continuing to win in the marketplace.”
The board has begun a search for a permanent CEO, including both internal and external candidates, and will retain an executive search firm to assist.