Intel Corp. has removed Brian Krzanich as its Cheif Executive Officer CEO after the company came to know that he previously had a consensual relationship with an employee. Krzanich violated a policy according to which managers cannot have relationships with people who report to them either directly or indirectly.
Chief Financial Officer Robert Swan is the interim CEO and the company is looking for a permanent replacement. Swan, the former chief financial officer of Ebay Inc., has been Intel’s CFO since October 2016. Krzanich is the latest CEO to get forced out for having an inappropriate relationship. Earlier, Lululemon Athletica Inc. and Priceline Group Inc. also had to fire their CEOs for similar reasons. You can read Intel’s complete statement below:
Intel statement on the resignation of CEO Brian Krzanich: pic.twitter.com/Ajm5xV7c0w
— Jon Erlichman (@JonErlichman) June 21, 2018
Brian has been a strong contributor towards Intel’s success. I’m sure that a capable replacement will be found. It wouldn’t surprise me if the ex-CFO, Stacy Smith, gets the nod to be the next CEO.”
said Kim Forrest, a senior portfolio manager at Fort Pitt Capital Group.
Brian became the CEO in 2013 and his record was great in contributing to Intel’s success. He joined Intel in 1982 in New Mexico as an engineer. He transformed Intel from a computer-focused company to a data-focused company, delivering the technology foundations for the new data economy. Shares of Intel after the announcement was down 1.8 percent in morning trading. Intel’s revenues in 2017 were $62.8 billion and it had 102,700 employees.
This shows that no matter who you are what you have contributed, good companies don’t support anything against rules. What are your takes on this? Do let us know in comments.
