I had long figured that Intel CEO Brian Krzanich’s job was in jeopardy because of the firm’s inability to deliver 10nm chip technology.
“Intel today announced the resignation of Brian Krzanich as CEO and a member of the board of directors,” an Intel announcement notes. “Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers.”
Yikes. Apparently, Krzanich was given two options: Resign or be fired. And he chose the former.
Succeeding Mr. Krzanich as interim CEO is Bob Swan—and, yes, I considered a swan song joke—who had been Intel’s CFO since 2016. Intel is looking for a permanent replacement. (I will also avoid the “Intel Inside” joke. Sorry.)
“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,” Intel chairman Andy Bryant said in a prepared statement. “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.”
As part of the resignation announcement, Intel also revealed that it expects to deliver record second quarter results, with revenues of about $16.9 billion. So Mr. Krzanich can at least ride out with that little boost.
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