Intel chief resigns over relationship with employee
New York, June 22 : Chipmaker Intel has announced that its chief executive, Brian Krzanich, is stepping down with immediate effect because of "a violation of Intel's non-fraternisation policy".
He had been in the post since May 2013. Intel said an inquiry had revealed that Krzanich had had a consensual relationship with an Intel employee, which was against company rules, BBC reported on Thursday.
His successor has been named as Robert Swan, currently the company's chief financial officer. The company said the relevant policy applied 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 Krzanich's resignation."
Krzanich's departure is the latest high-profile exit amid pressure on companies to address issues around gender relations and office conduct.
Intel's shares fell 2 per cent in morning trade as investors reacted to the news. The company said it would conduct a search to find a permanent successor to Krzanich, who first joined Intel in 1982.
During his tenure, Intel worked to move beyond its reliance on personal computers and expand into areas such as data. Intel board chairman Andy Bryant said the firm appreciated Krzanich's "many contributions".
"The board believes strongly in Intel's strategy and we are confident in Bob Swan's ability to lead the company as we conduct a robust search for our next CEO," he said.
Intel also told investors it expected a record performance in 2018. In the first three months of the year, the company reported $4.5 billion in profit on more than $16 billion in revenue.
However, Intel also faced questions this year after it revealed security flaws in its chips months after researchers identified the problem.
Investors and lawmakers also questioned stock sales by Krzanich during months when the firm was aware of the problem but had not disclosed it.
Intel said at the time that the sales were tied to a pre-arranged plan.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Govt floats tender for new Shivaji Maharaj statue in Maharashtra's Sindhudurg
Mumbai (PTI): In the wake of collapse of the Shivaji Maharaj statue in Sindhudurg, the Maharashtra government has issued a tender for the construction of a new 60-foot-tall statue there, nearly twice the size of the previous one, officials said on Wednesday.
The statue will be built at a cost of Rs 20 crore and the government has set a six-month timeframe for the completion of the work, they said.
A 35-foot-tall statue of the 17th century Maratha empire founder, unveiled by Prime Minister Narendra Modi at Rajkot fort in Malvan tehsil of Sindhudurg district on December 4 (Navy Day) last year, collapsed on August 26 amid strong winds.
The statue's sculptor, Jaydeep Apte, was later arrested.
The government has faced flak as the opposition parties alleged the decision to install the statue in Sindhudurg was taken haphazardly, which resulted in poor quality of work.
Maharashtra Public Works Department (PWD) had flagged concerns over rust gathering on Shivaji Maharaj’s statue and suggested permanent measures in a letter sent to a Naval official just six days before the structure collapsed.
Chief Minister Eknath Shinde had said the statue was designed and constructed by the Indian Navy.
He claimed winds were blowing at 45 km per hour when the statue collapsed.
A tender has been issued for the construction of a new statue and its height would be 60 feet, a PWD official said.
"The total cost would now be Rs 20 crore, including its engineering, installation and maintenance. The government has given six months to complete the work. The height of the statue would be 60 feet," the official said.
