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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Former minister C M Ibrahim announces to launch new regional party for Karnataka
Kalaburagi: Two years after being expelled from the Janata Dal (Secular), former minister C.M. Ibrahim has announced that he will launch a new regional political party in Karnataka on January 24, reported Deccan Herald.
Speaking at a meeting organised by the Nava Karnataka Nirmana Andolana in Kalaburagi on Sunday, Ibrahim confirmed the birth of the new party.
The 77-year-old politician stated he would soon be meeting with other like-minded individuals to choose a symbol for the party.
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Ibrahim emphasised that the organisation would be guided by the principles of 12th-century social reformer Basavanna and the architect of the Indian Constitution, Dr. B. R. Ambedkar.
A veteran politician, Ibrahim served as Union Civil Aviation Minister during the tenure of H.D. Deve Gowda as Prime Minister and later headed the Karnataka unit of the Janata Dal (Secular). He was expelled from the JD(S) in 2023 on charges of anti-party activities.
His exit from the party followed sharp differences over the JD(S) decision to ally with the Bharatiya Janata Party (BJP). As the then state president of the JD(S), Ibrahim had publicly criticised the alliance, claiming it was finalised without his knowledge. He had also reportedly convened meetings of his supporters and expressed support for the INDIA bloc.
