Intel chief executive resigns amid 'consensual relationship' scandal
US technology giant Intel announced on Thursday that chief executive Brian Krzanich was standing down from his post, effective immediately.
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Intel revealed that Krzanich had previously engaged in a "consensual" relationship with an Intel employee, a violation of the group's non-fraternization policy, which it stated 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," Intel said in a statement.
Intel has named chief financial officer Robert Swan as its interim chief executive officer.
"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.
As interim CEO, Swan will manage operations in close collaboration with Intel's senior leadership team.
Swan added, "Intel's transformation to a data-centric company is well underway and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace."
Intel expects to deliver a record second quarter, with revenues of approximately $16.9bn on July 26.
As of 1440 BST, Intel shares had dipped 1.07% to $52.90 each.