Brian Krzanich resigns as intel ceo

[gorobei]

inappropriate consensual relationship with employee.

https://techreport.com/news/33837/intel-ceo-brian-krzanich-resigns
https://newsroom.intel.com/news-rel...-resigns-board-appoints-bob-swan-interim-ceo/

 

[csbin]

https://newsroom.intel.com/news-rel...-resigns-board-appoints-bob-swan-interim-ceo/

Second Quarter Revenue and Non-GAAP EPS to Exceed Prior Guidance; 2018 to be Another Record Year
SANTA CLARA, Calif. – June 21, 2018 – Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the board of directors. The board has named Chief Financial Officer Robert Swan interim chief executive officer, effective immediately.

Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers. 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.

“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. 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,” said Intel Chairman Andy Bryant.

Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. With accelerating data-centric revenue, the company is off to an excellent start in the first half of the year and expects 2018 to be another record year. Intel will provide full second-quarter results and an updated outlook for the full year on the second-quarter earnings call on July 26.

As interim CEO, Swan will manage operations in close collaboration with Intel’s senior leadership team. 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 has also served as CEO of Webvan Group Inc.

Swan added, “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. I look forward to Intel continuing to win in the marketplace.”

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. The board will retain a leading executive search firm to assist in the process.

 

[Hayateazekura]

FINALLY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Guy needed to go a long time ago. But that Robert Swan looks like more out of the same. I rather have that guy who presented the 28 core cpu. I know I know it wasnt the best presentation
but he looks more exciting

 

[PotatoWithEarsOnSide]

"employees appear to be accessing privileges outside of their remit" - Meltdown bug spreads to employees.

 

[formulav8]

They claim improper relationship with employee. It is most likely his failure as a CEO and dropping the ball at the peak of Intel's dominance.

 

[formulav8]

Here is Anandtech's report.

 

[senseamp]

They needed new management, but they changed from an operations guy to a finance guy. This may be Intel's Swan song

 

[LTC8K6]

So they didn't suspend him during the investigation, and this may explain his earlier stock sale.

 

[LTC8K6]

They needed new management, but they changed from an operations guy to a finance guy. This may be Intel's Swan song

Swan is just temporary, though.

 

[ksec]

They claim improper relationship with employee. It is most likely his failure as a CEO and dropping the ball at the peak of Intel's dominance.

So are C Level people not allow to have a relationship with another C level ?

And I cant understand how this can not be doubt with Internally. Especially when it is "consensual".

 

[senseamp]

Swan is just temporary, though.

We'll see what happens, I guess.

 

[Dayman1225]

hopes for Murthy to made for CEO

 

[PingSpike]

They claim improper relationship with employee. It is most likely his failure as a CEO and dropping the ball at the peak of Intel's dominance.

It also says past relationship, so it could be decades ago for all we know. It certainly smells like digging up something ancient as an excuse. They didn't want to publicly fire him for bungling Intel's manufacturing lead, failing to develop new products or even having much in the way of a plan B, especially since the stock price is still high. So this is the story they're going with.

Call me cynical, but rules or not...nobody with any pull cares if the BK slept with his secretary.

Potentially bad news for AMD though.

 

[Topweasel]

It also says past relationship, so it could be decades ago for all we know. It certainly smells like digging up something ancient as an excuse. They didn't want to publicly fire him for bungling Intel's manufacturing lead, failing to develop new products or even having much in the way of a plan B, especially since the stock price is still high. So this is the story they're going with.

Call me cynical, but rules or not...nobody with any pull cares if the BK slept with his secretary.

Potentially bad news for AMD though.

Yeah a company that big probably has dozens of upper management guys having affairs with their Secretary. Either someone pocketed this excuse to use for later, or depending on the parachute, he took the hit personally so that Intel could save face on their troubles. Intel doesn't want to be talking about the record profits while also having to explain to their stock holders that just about everything is starting to crumble under them. It's not Intel's swan song, but un-impeded profitability is about dissapear.

 

[Jimzz]

Yea seems to not pass the smell test unless a really large smoking gun just popped up.

Intels 10nm is still behind, the Spectre/Meltdown is still popping up, new bugs still coming with hyper threading even being affected now, his stock sell and SEC investigation, etc...

 

[Phynaz]

Holy crap.

 

[Mockingbird]

Is Ashraf Eassa going to break into a dance?

He has been calling for Krzanich to resign for a month now.

 

[Phynaz]

$38M parachute at age 57. I'd break into a dance.

 

[PeterScott]

This does seem strange. A consensual relationship against policy, might be a cause for a reprimand, not replacement.

But the terrible job he has been doing, is cause for replacement, but why wouldn't they just use the old "retiring" line, instead of suggesting something unseemly in the age of sexual harassment witch hunts?

Unless they are setting up for the return of squeaky clean religious Pat Gelsinger...

 

[Mockingbird]

They claim improper relationship with employee. It is most likely his failure as a CEO and dropping the ball at the peak of Intel's dominance.

Well, of cause.

If this is Lisa Su, the Board of Directors would be like: "Err... what relationship? We haven't heard anything."

 

[jpiniero]

But the terrible job he has been doing, is cause for replacement, but why wouldn't they just use the old "retiring" line, instead of suggesting something unseemly in the age of sexual harassment witch hunts?

Because they want to give the impression he is not quitting/being forced out because of 10nm.

 

[Phynaz]

Second Quarter Revenue and Non-GAAP EPS to Exceed Prior Guidance; 2018 to be Another Record Year

That's why I don't get all the hate for the guy. As far as making profit he's been stellar. I don't understand all the 'worst CEO ever' stuff.

 

[Phynaz]

Because they want to give the impression he is not quitting/being forced out because of 10nm.

Do you have any proof he is?

 

[jpiniero]

Do you have any proof he is?

Is there any reason to believe otherwise?

 

[Roland00Address]

Feels the URGE to post that South Park meme about "And Its Gone."