It's all change at the top for Intel today as CEO Brian Krzanich resigned following the revelation that he had a consensual relationship with an Intel employee.
Intel was "recently informed" of the relationship and the resignation was somewhat inevitable after that.
By having a relationship with an employee, Intel's investigation "by internal and external counsel" concluded that he had violated the company's non-fraternization policy. All managers are subject to this policy, and Intel's board has accepted Krzanich's resignation.
Bob Swan, current chief financial officer at Intel, will take up the role of interim CEO with immediate effect and lead the search for the next CEO with the aid of senior management at the chip giant.
Commenting on the appointment, 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."
The next CEO could come from within Intel's ranks, but external candidates will be considered. Whoever it is will be joining a company expected to post a record second quarter, with revenues of around $16.9 billion. At the same time, they must hit the ground running and face a reinvigorated competitor in the form of AMD as well as dealing with ongoing problems regarding the move to 10nm processor manufacturing.
Krzanich was named CEO in May 2013, succeeding Paul Otellini. He joined Intel in 1982, and was previously Intel's chief operating officer and head of worldwide manufacturing.