Intel CEO resigns after probe into relationship with employee

Intel CEO resigns after probe into relationship with employee

(Reuters) – Intel Corp (INTC.O) on Thursday said Chief Executive Officer Brian Krzanich has resigned, effective immediately, after a probe revealed that a past consensual relationship with an Intel employee violated company policy.

FILE PHOTO – Brian Krzanich, Intel CEO, holds up Intel’s newest drone, the Shooting Star Mini as he speaks at the Intel Keynote address at CES in Las Vegas, Nevada, U.S. January 8, 2018. REUTERS/Rick Wilking

“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 CEO, 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 percent to $54.59 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.

Reporting by Munsif Vengattil in Bengaluru; Editing by Bernard Orr

Source link: Reuters News

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