comscore Intel CEO Krzanich resigns over relationship with employee
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Intel CEO Krzanich resigns over relationship with employee

Chief Financial Officer Bob Swan will serve as interim chief executive.

  • Published: June 21, 2018 7:35 PM IST
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Intel Chief Executive Officer Brian Krzanich has resigned over a “past consensual relationship” with an employee that violated a company non-fraternization policy, the technology company announced today. Chief Financial Officer Bob Swan will serve as interim chief executive while the company searches for a replacement. Also Read - Asus updates its ROG, TUF and VivoBook gaming series with 10th Gen Intel processors

A leader in data storage, Intel said it has “a robust succession planning process in place” and was looking at both internally and externally for candidates. The company has also retained an executive search firm to help locate candidates. Also Read - MediaTek to supply 6nm chipsets for Chromebooks in 2021

“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,” said Intel Chairman Andy Bryant. Also Read - Top Intel Core 11th Gen Tiger Lake laptops announced for 2020

The company, which has been transitioning to cloud computing-oriented businesses amid a decline in personal computing, projected second-quarter revenue of about USD 16.9 billion and earnings of 99 cents per share. Both were well above analyst expectations.

“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,” Swan said. “I look forward to Intel continuing to win in the marketplace.” Intel’s revenues in 2017 were USD 62.8 billion and it had 102,700 employees at the end of the year. A Dow member, Intel rose 2.2 per cent to USD 54.64 in pre-market trading. (AFP) SCY SCY

This is published unedited from the PTI feed.

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  • Published Date: June 21, 2018 7:35 PM IST



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