• search

Intel CEO resigns over 'consensual relationship' with employee

By Pti
Subscribe to Oneindia News
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    New York, Jun 21: Technology giant Intel has announced that Chief Executive Officer Brian Krzanich has resigned over a "past consensual relationship" with an employee that violated a company non-fraternization policy. Chief Financial Officer Bob Swan will serve as interim chief executive while the company searches for a replacement.

    File photo of Brian Krzanich

    A leader in data storage, Intel said it has "a robust succession planning process in place" and was looking at both internally and externally for candidates. The company has also retained an executive search firm to help locate candidates.

    "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," said Intel Chairman Andy Bryant.

    The company, which has been transitioning to cloud computing-oriented businesses amid a decline in personal computing, projected second-quarter revenue of about USD 16.9 billion and earnings of 99 cents per share. Both were well above analyst expectations.

    "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," Swan said. "I look forward to Intel continuing to win in the marketplace."

    Intel's revenues in 2017 were USD 62.8 billion and it had 102,700 employees at the end of the year. A Dow member, Intel rose 2.2 per cent to USD 54.64 in pre-market trading.

    PTI

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more