Economy

Intel CEO resigns after probe into relationship with employee

Updated : June 22, 2018 06:41 AM IST

The board named Chief Financial Officer Robert Swan as interim chief executive officer.

The company also forecast better-than-expected second quarter revenue and profit.

Intel said it expects quarterly revenue of about $16.9 billion and adjusted profit of about 99 cents per share.

Intel CEO resigns after probe into relationship with employee

Intel Corp on Thursday said Chief Executive Officer Brian Krzanich has resigned, effective immediately, after a probe revealed that a past consensual relationship with anIntel employee violated company policy.

"An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternization policy, which applies to all managers," the company said in a statement.

The board named Chief Financial Officer Robert Swan as interim chief executive officer.

Krzanich had been in the role since May 2013.

Intel said its board has begun a search for a permanent CEO, including both internal and external candidates, and will hire a an executive search firm to assist in the process.

The company also forecast better-than-expected second quarter revenue and profit.

Shares of the company rose 2.1 percent to $54.59 in premarket trading.

Intel said it expects quarterly revenue of about $16.9 billion and adjusted profit of about 99 cents per share. Analysts on average were expecting revenue of $16.29 billion and adjusted profit of 85 cents per share.

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