Intel is suddenly looking for a permanent new CEO: In a surprise move, Brian Krzanich has resigned effective immediately after he violated company policy by having a relationship with an underling. The 58-year-old, who became CEO of the tech giant in 2013, had the relationship with an unidentified employee "some time back," insiders tell CNBC. It's not clear how it all came to light, but the company says in a release that it "was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee," per Business Insider. A subsequent investigation confirmed it.
Intel managers are forbidden to have relationships with any employee who reports to them, whether it's directly or indirectly. Lots of companies have policies discouraging such relationships, notes the Wall Street Journal, but the Me Too movement has led to stricter rules and enforcement. Chief Financial Officer Robert Swan will serve as interim CEO while the company searches for a full-time replacement. Intel shares were down about 1% in trading after the news broke. (Read more Intel stories.)