Intel's chief executive Brian Krzanich has resigned after an investigation found he had a 'past consensual relationship' with an employee, effective immediately.
The board of directors, from which Krzanich has also resigned, has named chief financial officer Robert Swan as interim CEO.
An ongoing investigation by internal and external counsel for Intel confirmed Krzanich's relationship to be "a violation of Intels non-fraternisation policy", which applies to all managers at the company.
A statement from the company said that as all employees must respect Intels values and adhere to its code of conduct, the board has accepted Krzanichs resignation.
Intel's chairman Andy Bryant said:
The board believes strongly in Intels strategy and we are confident in Bob Swans ability to lead the company as we conduct a robust search for our next CEO. Bob has been instrumental to the development and execution of Intels strategy, and we know the company will continue to smoothly execute. We appreciate Brians many contributions to Intel.
As interim chief, Swan will manage the company's operatings in collaboration with Intel's senior leadership team. He was in his former position of CFO since October 2016, joining the firm after nine years as CFO of online retailer Ebay.
Swan added: “Intels transformation to a data-centric company is well under way and our team is producing great products, excellent growth and outstanding financial results. I look forward to Intel continuing to win in the marketplace.”
The company also said it expects to deliver a record second quarter this year, with revenues of approximately $16.9bn (£12.7bn).
Intel's share price was down by 1.32 per cent after the announcement broke.