Intel CEO Brian Krzanich resigned on Thursday after a probe found a consensual relationship with an employee violated company policy.
The head of the largest U.S. chipmaker is the latest in a line of powerful men in business and politics to lose their jobs or resign over relationships viewed as inappropriate, a phenomenon highlighted by the #MeToo movement.
“An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers,” Intel said in a statement.
The board named Chief Financial Officer Robert Swan as interim CEO and said it has begun a search for a permanent chief executive, including internal and external candidates.
Intel declined to give any further information about the probe.
Corporations are under increasing pressure to “walk the walk” on executive behavior with the rise of the #MeToo movement, said Ivan Feinseth, chief investment officer at Tigress Financial Partners.
In the past few months Martin Sorrell, founder of advertising giant WPP, and casino mogul Steve Wynn of Wynn Resorts resigned after accusations of impropriety. Wynn has denied the accusations and Sorrell has denied any wrongdoing.