Intel (INTC) CEO Resigns On Past Relationship, Ups 2Q18 View
Zacks Investment Research | Jun 22, 2018 05:02AM ET
Intel (NASDAQ:INTC) recently announced that Brian Krzanich has resigned as the CEO and also from its board of directors after the company learned about Krzanich’s “past consensual relationship” with an employee. The company’s CFO, Robert Swan has been appointed as the interim CEO.
Intel verified the matter with an investigation through external and internal counsel. The scrutiny authenticated the violation of the company’s non-fraternization policy relevant to all manager level employees.
The chipmaker accepted Krzanich’s resignation. Meanwhile, Swan said, “Intel’s transformation to a data-centric company is well under way and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace.”
The board is actively looking for a candidate to take over as permanent CEO. In this regard, a top executive search firm is aiding the procedure.
Following the news, shares of the company declined more than 2%, yesterday. Notably, Intel’s stock has returned 58.5% year to date, outperforming the Zacks Investment Research
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