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Intel CEO Brian Krzanich Resigns, Board Appoints Bob Swan as Interim CEO

Intel Corporation today announced the resignation of Brian Krzanich as
CEO and a member of the Board of Directors. The Board has named Chief
Financial Officer Robert Swan Interim Chief Executive Officer, effective
immediately.

Intel was recently informed that Mr. Krzanich had a past consensual
relationship with an Intel employee. An ongoing investigation by
internal and external counsel has confirmed a violation of Intel’s
non-fraternization policy, which applies 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 Mr. Krzanich’s
resignation.

“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. Bob has been instrumental to the development and execution
of Intel’s strategy, and we know the company will continue to smoothly
execute. We appreciate Brian’s many contributions to Intel,” said Intel
Chairman Andy Bryant.

Intel expects to deliver a record second quarter, with revenues of
approximately $16.9 billion and non-GAAP EPS of approximately $0.99.
With accelerating data-centric revenue, the company is off to an
excellent start in the first half of the year and expects 2018 to be
another record year. Intel will provide full second quarter results and
an updated outlook for the full year on the second quarter earnings call
on July 26.

As Interim CEO, Swan will manage operations in close collaboration with
Intel’s senior leadership team. Swan has been Intel’s CFO since October
2016 and leads the global finance, IT, and corporate strategy
organizations. He previously spent nine years as CFO of eBay Inc.
Earlier, he was CFO of Electronic Data Systems Corp and TRW Inc. He has
also served as CEO of Webvan Group Inc.

Swan added, “Intel’s 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 Board has a robust succession planning process in place and has
begun a search for a permanent CEO, including both internal and external
candidates. The Board will retain a leading executive search firm to
assist in the process.

About Intel

Intel (NASDAQ: INTC) expands the boundaries of technology to make the
most amazing experiences possible. Information about Intel can be found
at newsroom.intel.com and intel.com. Intel, the Intel logo, Intel Core,
Intel Optane, and Xeon, are trademarks of Intel Corporation or its
subsidiaries in the U.S. and/or other countries.

Forward-Looking Statements

Intel’s second quarter outlook, references to succession planning and
CEO search, and other statements in this release that refer to future
plans and expectations are forward-looking statements that involve a
number of risks and uncertainties. Words such as “anticipates,”
“expects,” “intends,” “goals,” “plans,” “believes,” “seeks,”
“estimates,” “continues,” “may,” “will,” “would,” “should,” “could,” and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Statements that refer to or
are based on projections, uncertain events or assumptions also identify
forward-looking statements. All forward-looking statements included in
this news release are based on management’s expectations as of the date
of this earnings release and, except as required by law, Intel disclaims
any obligation to update these forward-looking statements to reflect
future events or circumstances. Forward-looking statements involve many
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in such statements. Intel’s
expectations about its second quarter results are based on preliminary
information and are subject to revision, including in light of the
quarter not yet being completed. Accordingly, as Intel completes its
normal quarter-end closing and review processes, actual results could
differ materially from the expectations set forth in this release. In
addition, Intel presently considers the following to be important
factors that could cause actual results to differ materially from the
company’s expectations.

Additional information regarding these and other factors that could
affect Intel’s results is included in Intel’s SEC filings, including the
company’s most recent reports on Forms 10-K and 10-Q, copies of which
may be obtained by visiting our Investor Relations website at www.intc.com
or the SEC’s website at www.sec.gov.

Reconciliation of Non-GAAP Q2 Updated Outlook
to GAAP Q2 Updated Outlook

Set forth below is a reconciliation of the non-GAAP financial measure to
the most directly comparable GAAP financial measure.

 

 

 

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