Intel CEO Brian Krzanich has resigned following an internal investigation into a past relationship with an employee, the company announced Thursday morning. The relationship was characterized as consensual, but was in violation of the company’s non-fraternization policies for management staff.
Krzanich is being replaced by Intel CFO Robert Swan, who will serve as interim CEO while the company is looking for a new permanent CEO.
“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. “We appreciate Brian’s many contributions to Intel.”
Krzanich had joined Intel as an engineer in 1982, and worked his way up to become CEO in 2013. One of his first major moves as chief executive was a significant course correction on Intel’s media plans: His predecessor, Intel CEO Paul Otellini, had built out an internal unit to develop and launch an internet TV service. Krzanich decided to instead sell that business to Verizon in early 2014.
More recently, Krzanich also dialed back Intel’s work in the Internet of Things (IoT) space. Intel’s stock was down close to 2 percent following the news of his ouster Thursday.