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Intel CEO Brian Krzanich has resigned from the California chip maker after he breached company protocol by engaging in a relationship with a fellow employee.
“Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee,” the company announced on its website.
“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.”
58-year-old Krzanich, who has been CEO since May 2013, oversaw some of the company’s most profitable spells. CNBC notes that Intel’s stock rose about 120% during his reign.
But his resignation also comes at an awkward time for the tech giant, especially as its chip-making rival AMD experiences a resurgence in the desktop computing sector.
Nevertheless, the company is still expecting a record second quarter revenue figure bordering US$17-billion.
CFO Robert Swan will take the reigns as interim CEO “effective immediately”.
“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,” explained Andy Bryant, the company’s chairman.
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.”