Intel CEO Krzanich Resigns Over Policy Violation, CFO Swan Takes Over
Intel CEO Brian Krzanich steps down immediately after a past consensual relationship with an employee violates the company's non-fraternization policy. Chief Financial Officer Bob Swan steps in as interim CEO while the board searches for a permanent replacement.
Intel announces the immediate resignation of CEO Brian Krzanich after an investigation confirms a past consensual relationship with an Intel employee. This relationship violates the company's non-fraternization policy, which applies to all managers, prompting the board to accept his resignation. The tech giant acts swiftly to maintain stability by naming Chief Financial Officer Robert Swan as the interim chief executive officer.
Despite the sudden leadership change, Intel reports strong financial performance and expects to deliver a record second quarter. The company projects revenues of approximately $16.9 billion and non-GAAP earnings per share of about $0.99. With accelerating data-centric revenue, Intel anticipates that 2018 will be another record year for the corporation.
Bob Swan brings extensive experience to the interim role, having served as Intel's CFO since October 2016 and previously holding top finance positions at eBay and other major companies. He promises to continue Intel's ongoing transformation into a data-centric company while the board conducts a robust search for a permanent CEO. The board considers both internal and external candidates to lead the organization into its next chapter.