Impromptu Leadership Change
Brian Krzanich has stepped down as Intel CEO and as board member following revelation of a past consensual relationship with an Intel employee. The company has a non-fraternization policy in place, which also applies to all managers.
The confirmation of the affair violating the company policy comes from an ongoing investigation by internal and external counsel.
For now, the board names Chief Financial Officer Robert Swan interim Chief Executive Officer effective immediately in his stead.
Krzanich has been with Intel since 1982, starting out as an engineer until taking on the CEO position in 2013. He is also married with two children.
How Does This Affect Intel?
“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,” said Chairman Andy Bryant.
Swan has been with chipzilla since only October 2016. However, he spent nine years as Chief Financial Officer of eBay prior. Swan also served as CFO at Electronic Data Systems and TRW Inc.
According to the board, they are looking at both internal and external candidates to fill the role. Until then, they have “a robust succession planning process in place”.
