Intel CEO shake up: Krzanich resigns after affair with Intel employee is revealed.
Intel has named CFO Robert Swan as the interim CEO to replace former CEO Brian Krzanich, who resigned on Thursday after Intel learned that Krzanich had had a past consensual relationship with an Intel employee. An Intel policy forbids fraternization of managers with employees.
“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,” Intel said in a press statement.
“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’s board is now searching for a permanent CEO and will use a leading executive search firm to assist in the process. Internal and external candidates are being considered.
Swan has been executive vice president and chief financial officer of Intel since October 2016. He lead the global finance, IT, and corporate strategy organizations. Prior to Intel, Swan was an operating partner at General Atlantic. He also also served as the CFO of eBay, CFO of Electronic Data Systems and TRW, and as CFO, chief operating officer and chief executive officer of Webvan Group.
Despite the CEO shuffle, Intel’s revenue is expected to be nearly 15% year over year to $16.9 billion, which Intel says will be its best quarter of growth in nearly seven years.
Intel will releases its second quarter results on July 26.
