Intel CEO Brian Krzanich was ousted from his position for violating the company’s non-fraternization policy by having a past consensual relationship with an employee. CFO Robert Swan will serve as interim CEO while the company searches for a successor.
Intel has a non-fraternization policy that applies to all managers. The company said it was recently informed of Krzanich’s past relationship and conducted an investigation that confirmed he had violated the policy.
Krzanich was a long-time Intel employee. He joined the company in 1982, and became CEO in 2013.
“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,” said Intel Chairman Andy Bryant in a statement.
Swan spent nine years as CFO of eBay before joining Intel. And prior to that he was CFO of Electronic Data Systems.
Krzanich recently was in the spotlight for selling more than $39 million in Intel stock last November after the company had been notified that security flaws, known as Spectre and Meltdown, were impacting its CPUs. The company said in January that it was working with its partners to fix the flaws. It was reported that Krzanich netted approximately $25 million for the sale of his Intel stock.
At deadline Intel’s stock was trading at $52.46 a share, which was down slightly from yesterday’s close of $54.38 per share.