Krzanich resigns as Intel CEO due to inappropriate relationship

Brian Krzanich resigned as Intel’s CEO and as a member of its board of directors because of a past consensual relationship with an Intel employee. Intel said it was recently informed of the relationship and that an investigation by internal and external counsel confirmed a violation of Intel’s non-fraternization policy.

Intel’s board named Chief Financial Officer Robert Swan as interim CEO, 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.

Intel also noted that it expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. Full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on July 26.

• Brian Krzanich was named CEO of Intel in May 2013. He served previously as Intel’s chief operating officer. Krzanich joined Intel in 1982.