Security Market Segment LS
Friday, 22 June 2018 05:17

Intel chief Krzanich quits over affair with staffer Featured

By
Brian Krzanich has quit as chief executive of Intel. Brian Krzanich has quit as chief executive of Intel. Courtesy Intel

Intel chief executive Brian Krzanich has resigned after the company discovered he had a consensual relationship with a staff member in violation of Intel's non-fraternisation policy.

Krzanich was replaced on Thursday (US time) by chief financial officer Robert Swan who will function as interim CEO.

In a statement, the company said that an ongoing internal and external investigation had confirmed Krzanich had violated the policy which applies to all managers.

In January, there were reports that Krzanich had sold a tranche of stock and netted a healthy profit on the same day that Intel reportedly warned its OEM partners about the Meltdown and Spectre processor flaws. The two flaws were disclosed in January.

The French magazine LeMagIt  said it had obtained a secret memorandum sent to Intel's OEMs under an agreement that insisted on confidentiality and non-disclosure.

It said Krzanich had given instructions on 30 October 2017 for the sale of the shares and that this transaction was the subject of at least one class action in the US.

When news of Krzanich's share sale first broke, the company said that the sale was not related to the two flaws, “Brian’s sale is unrelated,” Intel said at the time. Krzanich “continues to hold shares in line with corporate guidelines".

Intel faces more than 30 lawsuits in connection with the two Meltdown and Spectre vulnerabilities.

On Thursday, Intel chairman Andy Bryant said: “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.”

Intel said Swan would manage operations along with the senior leadership team. He has been CFO since October 2016 and leads the global finance, IT and corporate strategy organisations. He previously spent nine years as CFO of eBay, served as CFO of Electronic Data Systems and TRW and as CEO of Webvan Group.

Swan said: “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.”

Read 3230 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

GET READY FOR XCONF AUSTRALIA 2022

Thoughtworks presents XConf Australia, back in-person in three cities, bringing together people who care deeply about software and its impact on the world.

In its fifth year, XConf is our annual technology event created by technologists for technologists.

Participate in a robust agenda of talks as local thought leaders and Thoughtworks technologists share first-hand experiences and exchange new ways to empower teams, deliver quality software and drive innovation for responsible tech.

Explore how at Thoughtworks, we are making tech better, together.

Tickets are now available and all proceeds will be donated to Indigitek, a not-for-profit organisation that aims to create technology employment pathways for First Nations Peoples.


Click the button below to register and get your ticket for the Melbourne, Sydney or Brisbane event

GET YOUR TICKET!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments