Intel CEO Brian Krzanich resigned due to a relationship with an employee at Intel. While this was a consensual relation it went against the non-fraternization policy at the company that applied to management. The following is the official statement from the company in this regard:
“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.”
As of writing this article, the share price of Intel stock has reduced by 1.8% and it is expected to fall even further. Intel CEO Brian Krzanich took the position back in 2013 and was working to branch the company out of producing processors for PCs. The CEO was compensated with $21.5 million last year.
Some are describing this as a cover-up for the share sales and the Spectre and Meltdown issues. This would be a silent way of leaving the firm but I cannot confirm that and this is just a theory that people are putting forward, so you should take that with a grain of salt.
Effective immediately, the CFO of the company will take the chair of CEO until a new CEO is appointed. According to Intel Chairman Andy Bryant:
“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.”
This is a big change and I hope that Intel can find a new CEO that can drive the company in the right direction. Let us know what you think about Intel CEO Brian Krzanich stepping down.