Intel chief executive resigns after relationship with employee

Brian Krzanich took over as chief executive in 2013

Brian Krzanich, the former chief executive of Intel. Photograph: Ethan Miller/Getty Images

Brian Krzanich, the former chief executive of Intel. Photograph: Ethan Miller/Getty Images

 

Intel on Thursday said chief executive 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.

The board named chief financial officer Robert Swan as interim chief executive officer.

Krzanich had been in the role since May 2013.

Intel said its board has begun a search for a permanent chief executive, including both internal and external candidates, and will hire a an executive search firm to assist in the process.

The company also forecast better-than-expected second quarter revenue and profit.

Shares of the company rose 2.1 per cent to in premarket trading.

Intel said it expects quarterly revenue of about $16.9 billion and adjusted profit of about 99 cents per share. Analysts on average were expecting revenue of $16.29 billion and adjusted profit of 85 cents per share. – Reuters