You might recall a little incident with Intel, Meltdown and Spectre. Almost all Intel processors since 1995 were impacted.
On the cover of Intel’s Code of Conduct, we find this note from Intel’s CEO, Brian Krzanich:
Intel has consistently been recognized as one of the world’s leading corporate citizens and most ethical companies. I would like to thank you for your contribution in role modeling Intel values and maintaining our reputation as a company that is well respected, trusted, and admired.
As we embrace new challenges and increase our presence in rapidly changing markets, one thing that must never change is our unflagging commitment to our values and the highest ethical standards. These core values and standards are the foundation of the unique Intel culture that differentiates us, builds our brand, and inspires our customers and suppliers.
Our Code of Conduct is and will always be our steady compass. The Code sets the expectations for integrity and ethics that I expect all employees to follow. Read it, discuss it, and commit to upholding it. If you have any questions or concerns please contact your manager, your Business Group lawyer, your Ethics and Compliance Business Champion, any member of Intel Ethics & Legal Compliance, or the Intel Ethics & Compliance Reporting Portal (intel.ethicspoint.com).
I look forward to your continued commitment to live our values in the workplace each and every day.
Chief Executive Officer
Now the code of conduct did not stop Brian from selling all of the Intel stock he could after Intel learned of this security issue. Part of his unflagging commitment to Intel’s values and their highest ethical standards allowed him to profit before public disclosure.
Brian was also carrying on a “consensual” relationship with an Intel employee, against Intel company policy.
I guess someone decided to hold him to account.
He resigned today.
But don’t feel sad for him.
Looking at Intel’s latest 14a filing, which you can download here, Brian has a big payday coming.
His walk away compensation is estimated at $38 million dollars.
Not bad for a former CEO with a demonstrable track record of modeling Intel values and profiting in a timely fashion on the sale of Intel stock.