U.S. chipmaker Intel just announced that its chief executive, Brian Krzanich, is leaving the company after having a relationship with an employee in violation of the company’s “non-fraternization policy.” The consensual relationship was confirmed by an internal investigation and outside counsel, the company said. Krzanich has been with the company since the 1980s. He was appointed CEO in 2013, replacing longtime Intel chief Paul Otellini.
This story is still developing. Here’s the release, as cited by CNBC:
“Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the Board of Directors. The Board has named Chief Financial Officer Robert Swan Interim Chief Executive Officer, effective immediately. Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. 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.”
CFO Robert Swan will temporarily take the reins. Intel said its board has a “robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates.”