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Intel CEO, Brian Krzanich, has resigned because of a "a violation of Intel's non-fraternisation policy". The BBC reports:
Chipmaker Intel has announced that its chief executive, Brian Krzanich, is stepping down with immediate effect because of "a violation of Intel's non-fraternisation policy".
[...] Intel said an inquiry had revealed that Mr Krzanich had had a consensual relationship with an Intel employee, which was against company rules.
His successor has been named as Robert Swan, currently the company's chief financial officer.
The company said the relevant policy applied to all managers.
"Given the expectation that all employees will respect Intel's values and adhere to the company's code of conduct, the board has accepted Mr Krzanich's resignation."
The Register reports:
Intel chief exec Brian Krzanich has quit after his "consensual relationship" with an employee came to light.
Staff flings are frowned upon in US corporate tech world, and against Intel company policy. In a statement within the past hour, the chip maker said:
Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternization policy, which applies to all managers. Given the expectation that all employees will respect Intel's values and adhere to the company's code of conduct, the board has accepted Mr. Krzanich's resignation.
Krzanich – who has two daughters with wife Brandee – will be replaced by interim CEO Bob Swan, who is otherwise the chief financial officer and an exec veep.
"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 in a statement.
How will this affect Intel's competitive efforts with respect to AMD, ARM, and Nvidia?
(Score: 0) by Anonymous Coward on Thursday June 21 2018, @04:41PM (4 children)
I'd say 100% he knew but all he needs is plausible deniability. The SEC are very careful about prosecuting insider trading because it's how the stock market works.
(Score: 3, Interesting) by takyon on Thursday June 21 2018, @04:48PM (3 children)
Nevar forget:
https://arstechnica.com/information-technology/2018/01/intel-ceos-sale-of-stock-just-before-security-bug-reveal-raises-questions/ [arstechnica.com]
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Thursday June 21 2018, @06:27PM (2 children)
You are complaining that he sold at ~$35 a share, and today, less than a year later, it's at $52.
Seriously. Who's worse at math you, or him?
(Score: 2) by takyon on Thursday June 21 2018, @08:49PM
That's not math, that's prognostication.
I would continue to complain about Krzanich, but he is crawling into his mansion now.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Friday June 22 2018, @02:42AM
Whether you make or lose money doesn't determine whether it is insider trading or not.