Intel has announced the resignation of Brian Krzanich as CEO and as a member of the board of directors.
In a statement released on Thursday (21 June), the board named current CFO Robert Swan interim chief executive officer, effective immediately.
Intel said it had recently been informed that Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel subsequently confirmed a violation of Intel’s non-fraternisation 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, it said.
“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.
“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,” said Intel Chairman Andy Bryant.
Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99.
With accelerating data-centric revenue, the company said it was off to an excellent start in the first half of the year and expects 2018 to be another record year. Intel will provide full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on 26 July.
As interim CEO, Swan will manage operations in close collaboration with Intel’s senior leadership team. Swan has been Intel’s CFO since October 2016 and leads the global finance, IT and corporate strategy organisations. He previously spent nine years as CFO of eBay Inc. Earlier, he was CFO of Electronic Data Systems Corp. and TRW Inc. He has also served as CEO of Webvan Group Inc.
“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,” Swann said.
The board said it has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates.