Intel's CEO Brian Krzanich Resigns, CFO Robert Swan as Interim CEO

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Gawd
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This morning Intel made a formal press release to state that Brian Krzanich, now former CEO, has resigned. Current CFO Robert Swan is named as CEO in the interim while the company looks for a replacement. As Intel does not have an immediate replacement, the resignation seems to be a snap decision relating to what Intel calls ‘a past consensual relationship with an Intel employee’ (believed to be a direct subordinate), and an expectation that employees adhere to a code of conduct regarding relationships.

Sources told CNBC that 'Krzanich violated a policy that said he could not have a relationship with an employee who directly reported to him. The relationship ended and took place "some time back," the people said. It's unclear with whom Krzanich had the relationship. The company was only recently made aware of the relationship, at which point they began probing and Krzanich was asked to resign'.

Intel’s Board of Directors accepted Krzanich’s resignation and it was formally announced this morning.

Robert Swan, Intel’s Chief Financial Officer, will sit in the CEO seat effective immediately while a search has begun for a replacement for Krzanich. Swan’s credentials include nine years at eBay, and also time at Elecronic Data Systems Corp, both positions held as CFO.

Krzanich joined Intel in 1982 as a process engineer in one of the chip factories in New Mexico, before coming manager of the plant, and rising through the system to COO in 2012 and CEO in May 2013. Under Krzanich’s leadership, Intel has diversified its product portfolio into new areas, such as FPGAs, IoT, Mobile, Wireless, autonomous vehicles, networking, 3D XPoint memory, and saw the company through successive generations of new processors, aiming to turn the company from a PC-centric business to a data-centric business (to use Intel's own terms). Key points along the way have been the drive for conflict-free materials, as well as diversity initiatives, with recent investment into other areas such as eSports. As a result, Intel recently posted its best quarterly financial reports ever, and the stock and value of the company continues to grow, leading to an overall 120% growth since 2013. Counter to this, Krzanich has also had to steer the company through the current issues surrounding their next generation 10nm process technology, which is was expected to be an integral part of the company portfolio last year, but is facing further delays. Also in recent months the announcements regarding Spectre and Meltdown vulnerabilities have also become public. Krzanich's page on Intel's website is no longer present.

CNBC reports that in 2017, Krzanich's total compentation topped $21m.

Intel states that ‘the board has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates’. Initial feelings from analysts suggest that internal candidates such as Dr Murthy Renduchintala might be in the running for the top spot.
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https://www.anandtech.com/show/13005/intels-brian-krzanich-resigns
 
CNBC reports that in 2017, Krzanich's total compentation topped $21m
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Considering that's just for 2017, I'm sure he'll manage to find a way to carry on.
Somehow....
 
Is Ashraf Eassa going to break into a dance?

He has been calling for Krzanich to resign for a month now.
 
I wonder if he to was cut off from the budget ? "consensual relationship" seems like a smokescreen for the real issues
 
I missed the chance for my #metoo payout, dammit. Not that I ever met him, but still.
 
Dude shoulda kept it in his fucking pants at work. 'nuff said.

As an aside, HEDT stuff has pretty much doubled in price under Krzanich's watch; with AMD on a roll again with Threadripper/Epyc, maybe it will force Intel to reign it in.

Dayman said:
hopes for Murthy to be appointed CEO.
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Know something we unwashed masses don't? lol
 
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