Intel CEO resigns after 'past consensual relationship' with employee

Intel CEO resigns after investigation finds he had past relationship with employee

Krzanich has also resigned his position on Intel's board of directors. Krzanich, who took the reins five years ago after serving as the operating chief, was considered a "safe pick".

Krzanich joined Intel in 1982 and has served as CEO since May 2013. Key points along the way have been the drive for conflict-free materials, as well as diversity initiatives, with recent investment into other areas such as eSports. The company is trying to get the 10nm node right to manufacture its next-generation processors but firms like TSMC and Samsung are making 10nm processors for months now.

Known as "BK" at Intel because of the difficulties some have in pronouncing his surname (Kris-an-itch), he worked his way up Intel's ranks as a factory manager.

Meantime, Intel is looking in earnest for a more permanent replacement with both internal and external candidates. Plus, it believes 2018 will be a record year for the Santa Clara, Calif. -based company.

The board named Chief Financial Officer Robert Swan as interim chief executive officer.

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Intel CEO Brian Krzanich delivers a keynote address at CES 2018 in Las Vegas on January 8, 2018.

Intel was informed recently of the relationship, and an investigation by internal and external counsel confirmed its existence. So Mr. Krzanich can at least ride out with that little boost.

"We appreciate Brian's many contributions to Intel", Intel Chairman Andy Bryant said in the release.

The chipmaker also announced that it expects its second-quarter revenue and adjusted earnings per share to exceed its prior guidance.

Intel will report second-quarter results and give its updated outlook on July 26. He will now manage operations in close collaboration with Intel's senior leadership team.

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