Intel CEO resigns over breach of "non-fraternisation" policy
Brian Krzanich steps down after five years with tech giant
Intel Corporation CEO Brian Krzanich resigned yesterday after it was revealed he breached the company's "non-fraternisation" policy.
Following an internal investigation, it was discovered that Krzanich had a consensual relationship with an Intel employee, which is against company policy and is a rule that "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," said the company in a statement.
Krzanich, who held the position since May 2013, was also removed from the board of directors; CFO Robert Swan has been appointed 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," said Intel chairman Andy Bryant.
"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,"
Fallout from the news saw Intel share price drop by two per cent last night as shareholders washed their hands of the company.
Despite this, Intel expects to deliver a record quarter, with revenues of approximately $16.9 billion.