Thursday, June 21st 2018
Intel CEO Brian Krzanich Resigns - For Having Sex With Colleague
Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the board of directors. The board has named Chief Financial Officer Robert Swan interim chief executive officer, effective immediately.
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. 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.
"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.
Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. With accelerating data-centric revenue, the company is off to an excellent start in the first half of the year and expects 2018 to be another record year. Intel will provide full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on July 26.
As interim CEO, Swan will manage operations in close collaboration with Intel's senior leadership team. Swan has been Intel's CFO since October 2016 and leads the global finance, IT and corporate strategy organizations. He previously spent nine years as CFO of eBay Inc. Earlier, he was CFO of Electronic Data Systems Corp. and TRW Inc. He has also served as CEO of Webvan Group Inc.
Swan added, "Intel's transformation to a data-centric company is well under way and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace."
The board has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates. The board will retain a leading executive search firm to assist in the process.
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. 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 expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. With accelerating data-centric revenue, the company is off to an excellent start in the first half of the year and expects 2018 to be another record year. Intel will provide full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on July 26.
As interim CEO, Swan will manage operations in close collaboration with Intel's senior leadership team. Swan has been Intel's CFO since October 2016 and leads the global finance, IT and corporate strategy organizations. He previously spent nine years as CFO of eBay Inc. Earlier, he was CFO of Electronic Data Systems Corp. and TRW Inc. He has also served as CEO of Webvan Group Inc.
Swan added, "Intel's transformation to a data-centric company is well under way and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace."
The board has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates. The board will retain a leading executive search firm to assist in the process.
123 Comments on Intel CEO Brian Krzanich Resigns - For Having Sex With Colleague
Hmmm. Great idea to go out in a way that (unfortunately) attracts more attention (and detracts attention from) security holes and potentially incriminating share sales with some insider trading thrown in the mix.
But I guess this is what it takes, except for a certain someone who's always in the news for all the wrong reasons :shadedshu:
Having romantic relationships of any kind are a violation in the company. It doesn't have to be sexual
Of all the things...Isn't it until 3rd base is reached that usually a "relationship" is assumed as fact nowadays? :laugh:
W1zz chose tabloid-grade title for this one. A little bit savage.
"You can Screw the Competition But not your own Company"
Insider Trading " No i wore a Condom"
(Sorry im light headed and dizzy low blood pressure)
Sex with a fellow employee? I don't see that anywhere in the story.
Have to agree with dj here. The headlines are there for the clickies.
My building is 80% woman and some how my dick stays in my pants.
Seriously?
What kind of idiotic nonsense is this?
On a side note this guy looks like he was flatting out some chick that looks like Toni Basil. Outfit and all and BAM! CFO walks in and is all like "WTF BRIAN! THATS WHERE I MAKE MY COFFEE!"