comscore Intel CEO Krzanich resigns over relationship with employee

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

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 - Intel 7nm chipset launch for PCs delayed till 2022

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 - Avita teases LIBER V with 10th gen Intel processors to take on Xiaomi and Honor

“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 - Xiaomi RedmiBook 14 II laptops launched in China in four storage variants

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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