Intel CEO out over relationship with staff member
Brian Kraznich has stepped down with immediate effect, CFO Bob Swan to take on interim CEO role
Intel CEO Brian Kraznich has resigned with immediate effect over a past relationship with an Intel staffer.
The relationship broke Intel policy which strictly forbids ‘fraternisation' by managers and staff who report to them, the company said in a statement.
Kraznich will be replaced by Chief Financial Officer Robert Swan as interim CEO. Kraszich has also stood down from the company's board of directors.
A statement from Intel said: "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 Chairman Andy Bryant added: "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."
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.
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.