Intel’s Brian Krzanich was forced out as CEO following an both an internal and external investigations into a “consensual relationship with an Intel employee,” the company announced Thursday.
Krzanich has also left the board, Intel said.
Krzanich was named CEO and elected to the board in May 2013. He joined the firm in 1982.
Chief financial officer Robert Swan will step in as interim CEO, effective immediately, and the board has already begun the search for a permanent replacement.
“An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers,” the company said in a statement. “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.”
The company was only recently made aware of the relationship, at which point it began probing and Krzanich was asked to resign, the people said.
Krzanich’s total compensation topped $21 million last year, and the company paid for his transportation and residential security, according to company filings.
