Intel CEO Brian Krzanich out over relationship with former employee

Intel (NASDAQ:INTC) CEO Brian Krzanich has resigned from the company amid revelations that he had a relationship with a former employee.

The semiconductor manufacturer announced on Thursday that it was recently notified that Krzanich had a “past consensual relationship with an Intel employee” and would resign from his post as CEO and as a member of the company’s board immediately.

There is an ongoing investigation by both internal and external counsel into the matter, the company said, which has confirmed that Krzanich violated Intel’s non-fraternization policy – a code of conduct it says applies to all managers.

Krzanich started his career with Intel as an engineer in 1982. He has led the company as CEO since 2013.

Chief Financial Officer Robert Swan will take over as interim CEO as it begins searching for a permanent replacement.

Meanwhile, the tech giant said that it expects to deliver a record second quarter, with revenues of $16.9 billion and earnings per share of about $0.99.

Shares of Intel were trading lower on Thursday.

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