Intel CEO resigns after probe into relationship with employee

BENGALURU – Intel Corp on Thursday said Chief Executive Officer (CEO) Brian Krzanich has resigned,  with immediate affect after a probe revealed that a past consensual relationship with an Intel employee violated company policy.

The company said in a statement, “An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers.”

The Intel board has already named Chief Financial Officer Robert Swan as the interim chief executive officer.

Krzanich was CEO at the company since 2013.

The board said they are looking for a permanent chief executive officer, the search includes staff within the company and external candidates will be considered. They added that they will hire a executive search firm to assist during the process.

Even with this scandal the company still has forecasted better than predicted second quarter revenue and profit.

Shares in the company also performed well, as they rose 2.1% to $54.59 in premarket trading. Revenue is expected around $16.9 billion, with adjusted profit of about 99 cents per share.

Photo Credit- The Verge

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