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Former Intel CEO Brian Krzanich. Photo: Justin Sullivan/Getty Images
Intel Corp. announced that CEO Brian Krzanich has resigned, effective immediately, after it was discovered that he had an undisclosed "past consensual relationship" with an Intel employee. The company's stock fell just over 1% on the news, dropping its market cap to around $246 billion.
What's next: Intel's board named CFO Robert Swan as the company's interim CEO. Intel Chairman Andy Bryant said in a statement, "Bob has been instrumental to the development and execution of Intel’s strategy, and we know the company will continue to smoothly execute."