Intel CEO resigns after revelation of consensual relationship with employee

Intel CEO Brian Krzanich resigned after the company learned that he had engaged in a consensual relationship with another employee, the tech giant announced on Thursday.

The company said that it had been told of a past relationship between Krzanich and another employee and that an investigation revealed that the CEO had violated the company’s “non-fraternization policy” for its executives.

“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 said in a statement.

{mosads}Intel’s board of directors appointed Chief Financial Officer Robert Swan as interim CEO until it finds a replacement for Krzanich.

“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,” Andy Bryant, Intel’s chairman, said in a statement. “Bob has been instrumental to the development and execution of Intel’s strategy, and we know the company will continue to smoothly execute. We appreciate Brian’s many contributions to Intel.”

Krzanich has been with the company since 1982 and took over as CEO in 2013. Despite the news, Intel said it “expects to deliver a record second quarter” with about $16.9 billion in revenue. The company’s stock was down approximately 2 percent in early trading on Thursday.