Intel CEO Brian Krzanich has resigned after violating the company's policy of no fraternising between managers and employees. CFO Robert Swan takes over as interim CEO, effective immediately. At the same time, the chipmaker said it expects record results for the second quarter and full year.
Intel said it was recently informed that Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel confirmed the violation of Intel’s non-fraternization policy, which applies to all managers.
Intel said it plans a "robust" search for a new CEO, including both internal and external candidates and with the assistance of an executive search firm. Krzanich served as CEO since 2013, after previously working as COO. He has led the company's expansion into the mobile computing market.
Intel also announced that it expects to deliver "record" results for the second quarter. Revenues are estimated at USD 16.9 billion and adjusted EPS at USD 0.99. The chipmaker said that accelerating data-centric revenue has meant "an excellent start in the first half of the year" and said it expects 2018 to be "another record year". Full quarterly results and an updated annual outlook will be released on 26 July.
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 and was CFO of EDS and TRW. He has also served as CEO of Webvan Group.
