Intel Corp., the popular technology firm has declared the resignation of its chief executive officer Brian Krzanich on Thursday. This event was followed by an inquiry that proved that the CEO was in a consensual relationship with an Intel employee, which is against the company’s policies.
Krzanich was serving Intel Corp. as CEO since the past five years that is 2013. He moved up the positions in the company over more than three decades. One of the sources claimed that Krzanich’s relationship with the subordinate was not recent. However, Intel got to know about the same only a few days ago.
“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. “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.”
According to the company’s policy, the managers could not have relationships with people who report to them either directly or indirectly. The total compensation of the ex CEO amounted $21 million last year.
The position of the CEO is now been taken over by Robert Swan while the company’s board is in search of a permanent replacement. Swan, on the other hand, has been serving the company as the CFO for the past two years.
“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 Chairman Andy Bryant said. “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,” he added.
The immediate follow up of the resignation was to show that all the employees must respect the company’s values and respect and adhere to the company’s code of conduct.