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
Board was looking for a good way to make sure he left and that he'd never be able to come back or contest the move. They found one and used it.
Of course but that doesn't mean I'm 100% wrong, does it? Besides all of us have opinions & different perspective based on our personal experiences in life. Looking at it from a shareholder or board member PoV there's no doubt this is the worst time to be invested & vested into Intel, probably in the last decade & a half?
Think about what you're saying, they're nowhere in the segment where by some estimates Intel spent as much as 20~30 billion dollars on contra revenue + R&D into things such as Sofia.Sorry what?
If he really loses about 45 million on compensation over this like Bloomberg wrote, one hell of expensive affair.
I would have though he gets shown the door after total underestimation of AMD, 10nm failures, disastrous mobile chips, aborted IoT/AR/VR and maker stuff etc. not this.
No matter what the reason, his leaving would affect the price of stocks of the company and they already knew it - But this way it's not about whether the company can compete since no investor wants to back a losing horse in the corporate world.
Obviously they used this reason to be rid of him while protecting the company's net worth on the stock market to the extent any expected loss over his termination would be minimized.
I'm sure the board members that made it happen could be blamed with alot of the crap themselves but they'd never admit it, this was a way of covering their own asses and letting the boss himself take the heat - And having more say or control for a certain few once he's out the door.
The first rule of management applies as said and they made it stick..... And made sure it would in the process.
A chief executive sets a tone, a direction, and approves of the very biggest projects. Their job is certainly not in the weeds like all the examples you mentioned.
People like to play armchair general....
But seriously, take another look at Optane. For it's use case (random IOs) nothing can come close.
About 15-20% of american couples met at work.
Descend from that high moral ground of yours, oh the one with great penis controlling skills.
And, yes, true many Americans do meet at work. Still doesn't change the fact that INTEL has a non-fraternization policy, and their own CEO violated it.