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| Intel chief Brian Krzanich resigns over relationship | |
| (35 minutes later) | |
| Chipmaker Intel has announced that its chief executive, Brian Krzanich, is stepping down with immediate effect because of "a violation of Intel's non-fraternisation policy". | Chipmaker Intel has announced that its chief executive, Brian Krzanich, is stepping down with immediate effect because of "a violation of Intel's non-fraternisation policy". |
| He had been in the post since May 2013. | He had been in the post since May 2013. |
| Intel said an inquiry had revealed that Mr Krzanich had had a consensual relationship with an Intel employee, which was against company rules. | Intel said an inquiry had revealed that Mr Krzanich had had a consensual relationship with an Intel employee, which was against company rules. |
| His successor has been named as Robert Swan, currently the company's chief financial officer. | His successor has been named as Robert Swan, currently the company's chief financial officer. |
| The company said the relevant policy applied to all managers. | The company said the relevant policy applied 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." | "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." |
| Mr Krzanich's departure is the latest high-profile exit amid pressure on companies to address issues around gender relations and office conduct. | |
| 'Robust search' | |
| Intel's shares fell 2% in morning trade as investors reacted to the news. | |
| The company said it would conduct a search to find a permanent successor to Mr Krzanich, who first joined Intel in 1982. | |
| During his tenure, Intel worked to move beyond its reliance on personal computers and expand into areas such as data. | |
| Intel board chairman Andy Bryant said the firm appreciated Mr Krzanich's "many contributions". | |
| "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," he said. | |
| Intel also told investors it expected a record performance in 2018. In the first three months of the year, the company reported $4.5bn in profit on more than $16bn in revenue. | |
| However, Intel also faced questions this year after it revealed security flaws in its chips months after researchers identified the problem. | |
| Investors and lawmakers also questioned stock sales by Mr Krzanich during months when the firm was aware of the problem but had not disclosed it. | |
| Intel said at the time that the sales were tied to a pre-arranged plan. |