Intel CEO Brian Krzanich announced his resignation today, following an investigation into a “consensual relationship” with an Intel employee. The board named Robert Swan, Intel’s chief financial officer, interim CEO effective immediately.
“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.
Krzanich joined the company as an engineer in 1982, and served as chief operating officer before being elected to the board and named CEO in 2013. The company removed his biography from its website this morning.
According to a press release, ongoing internal and external investigations found that Krzanich’s past relationship violated Intel’s non-fraternization policy, which applies to all managers. CNBC reports that the relationship was with an employee who directly reported to him and that it took place “some time back.”
The board of directors accepted his resignation and said it has begun a search for a 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,” Intel chair Andy Bryant 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.”
We’ve reached out to Intel for comment and will update this story when we hear back.