Intel said its CEO Brian Krzanich had resigned effective immediately and would be replaced on an interim basis by CFO Bob Swan, who joined the company less than two years ago.
The resignation comes after the company said it discovered 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,” Intel 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.”
The company said its board of directors has begun a search for a new permanent CEO and would consider both internal and external candidates.
Shares of Intel (INTC) rose 2% in premarket trading, as the company also released a higher financial forecast for the second quarter. The company said it expected to collect $16.9 billion in revenue, up from $16.3 billion in a prior forecast. And adjusted earnings per share will hit 99 cents, up from the earlier forecast of 85 cents.
The sudden change at the top for the chipmaker comes as the behavior of powerful men has come under increasing scrutiny. Whether it is the prosecution of former Hollywood power broker Harvey Weinstein or actor Kevin Spacey being fired from his Netflix show House of Cards, the consequences of male misbehavior have grown. Krzanich was not accused of any non-consensual actions by Intel.
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New interim CEO Bob Swan joined Intel in October 2016, as CFO from eBay (EBAY), where he worked for nine years. Before that, Swan had been CFO at Electronic Data Systems and TRW, and was the CEO of Webvan Group.
Krzanich joined in Intel in 1982 and moved up the ranks, becoming CEO in May, 2013 as the successor to Paul Otellini.