Intel CEO Resigns Over Affair With Employee

Intel's CEO Brian Krzanich Resigns, CFO Robert Swan as Interim CEO

The Intel CEO Brian Krzanich is resigning after the company learned of a consensual relationship that he had with an employee.

Brian Krzanich announced his resignation as the CEO for the multi-billion dollar tech company Intel due to an inappropriate relationship he had with a subordinate.

Krzanich has worked at Intel since 1982, initially as an engineer but eventually working his way up to chief executive in May 2013.

Shares of Intel have initially risen up to 2 percent in premarket trading.

It is also curious that Intel spelled out the reason for the CEO's sudden departure like it did.

Intel faces more than 30 lawsuits in connection with the two Meltdown and Spectre vulnerabilities. Current CFO Robert Swan is named as CEO in the interim while the company looks for a replacement.

Intel CEO Brian Krzanich has unexpectedly resigned, after it was revealed that he had previously had a relationship with another employee.

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An Intel spokesman declined to say whether the walk-away payment applied to Krzanich's resignation, but said the investigation into Krzanich's conduct continued and that the board reserved the right to take further action.

While the system is still in place, Krzanich presided over the biggest-ever inflow of outside appointees into the company's senior ranks.

Intel's revenues in 2017 were $62.8bn and it had 102,700 employees at the end of the year. They said the company is about to announce a killer quarter, expecting to beat on both revenue and profit, and is on track to have a record year, even without the promised new chip that Intel can't seem to get out the door.

Leaders who may have stepped into the CEO role in this situation but who left include Renee James, Stacy Smith, Dadi Perlmutter, Kirk Skaugen and Dianne Bryant. Intel's Board is also bringing in a leading executive search firm to assist in the process.

The change in leadership comes as Intel expands beyond personal computers and servers into areas such as artificial intelligence and self-driving cars, where smaller competitors including Nvidia Corp (NVDA.O) are strong. Data centric revenue is said to accelerating and overall 2018 is expected to be a record year too.

"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", said Swan.

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