Intel’s CEO resigned after a past affair with an employee was discovered by the board

What’s inside?
What’s inside?
Image: Reuters/Tyrone Siu
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Intel CEO Brian Krzanich has resigned, after the board discovered a past consensual relationship he had with a subordinate.

“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. “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.”

Krzanich has worked for Intel since 1982, beginning as an engineer and serving as chief operating officer prior to taking the CEO role in 2013. He is married with two children.

CFO Robert Swan was named interim CEO, effective immediately. He has been with the semiconductor giant since October 2016, after spending nine years as CFO of eBay. He also has served as CFO at Electronic Data Systems and TRW.

Intel says the board has begun a search for a permanent CEO and will consider both internal and external candidates.

Swan has served as a CEO at least once before, at online grocery pioneer and dot-com-era flameout Webvan, where he was promoted from chief operating officer in 2002 after the departure of CEO George Shaheen.