- Push-out Score determined
- After about five years in the position
- Bob Swan taking over in the interim
- Search for a successor
(exechange) — Santa Clara, California, June 21, 2018 — Brian Krzanich, chief executive of Intel, leaves. It is an abrupt change. As announced by Intel Corporation in a news release and in a regulatory filing published on Thursday, June 21, 2018, Brian M. Krzanich has left his post as Chief Executive Officer at the semiconductor manufacturing company after about five years in the role, effective June 20, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange.
Intel will undertake a search for a successor.
Krzanich’s duties were taken over in the interim by Robert H. (Bob) Swan, most recently Chief Financial Officer of Intel Corporation.
“Relationship with an Intel employee”
Krzanich’s sudden departure from the CEO post is explained as follows. Intel said in a fairly blunt statement: “Intel was recently informed that Mr. 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. 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.”
Precise information about Krzanich’s future plans was not immediately available.
Intel said: “Intel Corporation today announced the resignation of Brian Krzanich as CEO and a member of the board of directors.”
Intel further said: “[O]n June 20, 2018, Brian M. Krzanich resigned as Chief Executive Officer and a member of Intel’s Board of Directors.”
Share price rise since August 2017
The change follows a rise in the share price of Intel Corporation since August 2017.
Chaired by Andy Bryant
Intel Corporation is chaired by Andy Bryant.
Andy D. Bryant is chairman of the Board of Directors. Bryant joined Intel in 1981 as controller for the Commercial Memory Systems Operation and in 1983 became Systems Group Controller.
In the position of CEO since 2013
Brian M. Krzanich was appointed chief executive officer of Intel Corporation and elected a member of the board of directors on May 16, 2013.
He was the sixth CEO in the company’s history, succeeding Paul S. Otellini.
Krzanich has progressed through a series of technical and leadership roles at Intel, most recently serving as the chief operating officer (COO) since January 2012.
As COO, his responsibilities included leading an organization of more than 50,000 employees spanning Intel’s Technology and Manufacturing Group, Intel Custom Foundry, supply chain operations, the NAND Solutions group, human resources, information technology and Intel’s China strategy.
His open-minded approach to problem solving and listening to customers’ needs has extended the company’s product and technology leadership and created billions of dollars in value for the company.
In 2006, he drove a broad transformation of Intel’s factories and supply chain, improving factory velocity by more than 60 percent and doubling customer responsiveness.
Krzanich was also involved in advancing the industry’s transition to lower cost 450mm wafer manufacturing through the Global 450 Consortium as well as leading Intel’s strategic investment in lithography supplier ASML.
Prior to becoming COO, Krzanich held senior leadership positions within Intel’s manufacturing organization.
He was responsible for Fab/Sort Manufacturing from 2007 to 2011 and Assembly and Test from 2003 to 2007.
From 2001 to 2003, he was responsible for the implementation of the 0.13-micron logic process technology across Intel’s global factory network.
From 1997 to 2001, Krzanich served as the Fab 17 plant manager, where he oversaw the integration of Digital Equipment Corporation’s semiconductor manufacturing operations into Intel’s manufacturing network.
The assignment included building updated facilities as well as initiating and ramping 0.18-micron and 0.13-micron process technologies.
Prior to this role, Krzanich held plant and manufacturing manager roles at multiple Intel factories.
Krzanich began his career at Intel in 1982 in New Mexico as a process engineer.
He holds a bachelor’s degree in Chemistry from San Jose State University and has one patent for semiconductor processing.
Krzanich is also a member of the board of directors of the Semiconductor Industry Association.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 26.2018 ($).