Intel’s CEO Resigns, Robert Swan Steps Up As Interim CEO
Intel Corporation (INTC) seeks to expand the boundaries of technology to provide the most amazing experience possible while designing, manufacturing, and selling integrated digital technology globally.
Intel has announced CEO and Board of Directors member, Brian Krzanich’s resignation and has named the company’s Chief Financial Officer Robert Swan the Interim Chief Executive Officer, effective immediately.
The resignation comes as a result of Krzanichs past consensual relationship with an Intel employee. After an ongoing investigation by both internal and external counsel, it has been confirmed that the now former CEO was in violation of the company’s non-fraternization policy that applies to all managers. It is expected that all of Intel’s employees respect and adhere to the values and code of conduct of the company.
Intel Chairman Andy Bryant stated, “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.”
Intel’s Board of Directors has a strong succession planning process prepared and has already started the search for a permanent CEO. The search includes both internal and external candidates.
Intel is off to an excellent first half of 2018 and is currently expected to bring in a record-breaking second quarter with revenues of nearly $16.9 billion.
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