Intel CEO Brian Krzanich Resigns

SILICON VALLEY, CA — Santa Clara-based Intel Corporation announced Thursday that CFO Robert Swan has been named interim CEO in the wake of Brian Krzanich's resignation as CEO and board member. Krzanich is stepping down after the company was "recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee," according to an Intel news release.

"An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers," the company stated in the news release. "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."

Intel Chairman Andy Bryant said the board is confident in Swan’s ability to lead the company as a search is conducted for the 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," Bryant said in a statement.

"We appreciate Brian’s many contributions to Intel," Bryant added.

The news release goes on to state that Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. Full second-quarter results and an updated outlook for the full year on second-quarter earnings will be provided on a July 26 call.

Swan has been Intel’s CFO since October 2016 and leads the global finance, IT and corporate strategy organizations. He previously spent nine years as CFO of eBay Inc. Earlier, he was CFO of Electronic Data Systems Corp. and TRW Inc. He also served as CEO of Webvan Group Inc.

"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."

The company said the board will consider both internal and external candidates for the CEO position.

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