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Intel CEO resigns after consensual relationship with employee following investigation from Board

ItsMitch
By ItsMitch
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Posted

S: AP | CNBC

It has just broke that Intel CEO Brian Krzanich has resigned following the company learned that he was having an consensual relationship with one of his employees.

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Intel chief executive Brian Krzanich is out as CEO and chairman of the board following an investigation into a "consensual relationship with an Intel employee."

Chief financial officer Robert Swan will step in as interim CEO, effective immediately.

Intel sent a statement to CNBC

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Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the Board of Directors. The Board has named Chief Financial Officer Robert Swan Interim Chief Executive Officer, effective immediately.
Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee. An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternization policy, which applies to all managers. 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.


"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," said Intel Chairman Andy Bryant.

 

Intel expects to deliver a record second quarter, with revenues of approximately $16.9 billion and non-GAAP EPS of approximately $0.99. With accelerating data-centric revenue, the company is off to an excellent start in the first half of the year and expects 2018 to be another record year. Intel will provide full second quarter results and an updated outlook for the full year on the second quarter earnings call on July 26.


As Interim CEO, Swan will manage operations in close collaboration with Intel's senior leadership team. Swan has been Intel's CFO since October 2016 and leads the global finance, IT, and corporate strategy organizations. He previously spent nine years as CFO of eBay Inc. Earlier, he was CFO of Electronic Data Systems Corp and TRW Inc. He has also served as CEO of Webvan Group Inc.

 

Swan added, "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."
The Board has a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates. The Board will retain a leading executive search firm to assist in the process.

 

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Posted

Just for sake of visibility, here is some Stock Market Charts. Looks like it sunk a little bit today, but nothing earth shattering in the big scheme of things.

image.png.d543c2b67957e74bf48809bf709a6e96.pngimage.png.1dae0daef5236c961fc94574d6fd21fc.pngimage.png.943d78a2997b07653da4524969c77310.png

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1 minute ago, Spaceman_Wil said:

Ouch. Surely that won't affect their rumored GPU's or really much on the consumer end of things.

Time to watch the stock market, going to be a wild day for Intel that's for sure. 

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Kinda happy about it, xd... Intel delaying the 8 cores Coffee Lake on purpose to keep milking us with the 8700K the need to milk it is so high they just renamed a bunch of 8700K as 8086K to earn even more free profits...

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1 minute ago, mynameisjuan said:

I dont get why this is frowned upon. It two people in a work place turn out to be great together, who the fuck cares. Let them be happy. 

 

I don't think it's frowned upon, but it went against their non-fraternization policy which the board wasn't pleased with. I mean, he was the CEO, he could of proposed the terms be changed. 

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Holy Moly! That is huge news. Maybe now Intel will get off its ass and give us some new CPU's, not renamed 8700k's and Xeons cooled with refrigerators.

hi.

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2 hours ago, mynameisjuan said:

I dont get why this is frowned upon. It two people in a work place turn out to be great together, who the fuck cares. Let them be happy. 

 

I have seen two people in a relationship at work fight and that can be awkward for sure. But that is an outlier 

It's probably the fact that the CEO is having a relationship with a subordinate. Balance of power, possible fallout and trouble for the company. You don't shit where you eat.

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1 minute ago, mynameisjuan said:

.

 

1 minute ago, Deus Voltage said:

.

The thing is, if either complain about sexual harassment all of sudden the company and in this case Intel would have to pay for the indemnities, and we all know the purpose of any private company is profit so yeah...

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1 minute ago, mynameisjuan said:

I dont get why this is frowned upon. It two people in a work place turn out to be great together, who the fuck cares. Let them be happy. 

 

2 minutes ago, SC2Mitch said:

I don't think it's frowned upon, but it went against their non-fraternization policy which the board wasn't pleased with. I mean, he was the CEO, he could of proposed the terms be changed. 

 

Their policy is no relationships between managers and lower level employees. 

 

If 2 people have a relationship and work at Intel and have the same job title, Intel is probably fine with that.

Judge a product on its own merits AND the company that made it.

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Just now, Trixanity said:

It's probably it's the fact that the CEO is having a relationship with a subordinate. Balance of power, possible fallout and trouble for the company. You don't shit where you eat.

"you don't shit where you eat" should not apply to genuine interpersonal relationships. That is private business, simple as that.

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Posted

Basically he was just doing to an employee what Intel's been doing to us for years?

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This is something that I don't agree with, I can see exactly why this rule exists, but it doesn't mean I have to agree to it. They could have just made her sign a legal disclaimer right? Where she says she is consensual, no abuse of power etc etc. 

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Just now, Deus Voltage said:

It was consensual, so the implication of your statement is a bit off mark. 

I wasn't implying non-consensual. No one forced me to buy my CPU.

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1 minute ago, Densetsu said:

I wasn't implying non-consensual. No one forced me to buy my CPU.

So what was the implicit idea behind your statement? I'm genuinely curious. 

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Posted (edited)
1 hour ago, mynameisjuan said:

I dont get why this is frowned upon

Hypothetically, the employee gets preferential treatment. It's a load of BS, but what's done is done.

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Why did you come to this world?

 

Everybody turns to dust.

 

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@Densetsu, not the best remark to make.

Instructions for frustration management:  

1) Sit at desk.   2) Repeatedly slam forehead against desk.

 

I never said I was smart, just smart enough to be dangerous.

 

 

ORLY?

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Am I the only one finding this amusing? :D

ss (2018-06-21 at 03.24.53).png

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This kind of stuff is almost always bs imo. 

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9 minutes ago, Deus Voltage said:

One of the silliest rules ever to be made, let the man date whom he wants as long as it is consensual. This is coming from a person who deeply dislikes Intel's practices.

Perhaps it's not silly at all because it's not the reason at all: It might look better for investors if he was driven out because of a seemingly innocuous relationship than say, getting a black eye in the server market courtesy of AMD with not the greatest of responses according to intel's own estimations.

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1 minute ago, Misanthrope said:

Perhaps it's not silly at all because it's not the reason at all: It might look better for investors if he was driven out because of a seemingly innocuous relationship than say, getting a black eye in the server market courtesy of AMD with not the greatest of responses according to intel's own estimations.

Therefore it follows that the discussion should not be about whether or not the rule is silly, rather to what extent do investors have power, rightfully or wrongfully, over the private lives of employees?

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5 minutes ago, Kukielka said:

Am I the only one finding this amusing? :D

ss (2018-06-21 at 03.24.53).png

I'm excited to watch a lot of red numbers today 

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