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.
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Modi urges industry to ramp up investment, prioritise research to scale up manufacturing
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday urged industry leaders to step up investments, embrace emerging technologies and prioritise research to help India Inc fully leverage the vast opportunities offered by free trade agreements with various nations.
"The days of cutting corners in research are over. We must now make substantial investments in research and development and ensure that our products meet global quality standards. Now we have got opportunities to move forward, so we should have only one mantra - Quality, Quality, Quality," he said while addressing a second webinar on Budget 2026-27.
Stressing that India has entered into free trade agreements with numerous countries, he said, these agreements have opened up a wide range of opportunities for the country.
"In such a situation, he said, "our responsibility is that we should never compromise on quality."
Today, the world is seeking reliable and resilient manufacturing partners, he said, adding that India has a strong opportunity to fulfil this role.
"Our direction is clear. Our resolve is clear. Build more, produce more, connect more, and now the need is to export more," he said.
Pointing out that a significant transformation is currently underway in the global economy, he said that markets are no longer focused solely on cost; sustainability has become an equally important consideration.
"The Carbon Capture, Utilization, and Storage Mission is a key initiative driving this shift. Incorporating sustainability into core business strategies is now essential. Industries that invest early in clean technologies will gain better access to emerging markets in the years ahead," he said.
Highlighting the importance of infrastructure and logistics, he said, they serve as fundamental pillars of our growth strategy.
This year's budget proposes a record level of capital expenditure to support these priorities, he said.
As India emerges as a beacon of hope for the world thanks to its robust economy, and as global supply chains undergo transformation, the prime minister said, rapid economic development has become the cornerstone for realising the vision of Viksit Bharat.
