A hot potato: Intel only recently found out about the relationship and is seemingly looking to distance itself from the situation, having already removed Krzanich's bio from its website.

Intel on Thursday announced that CEO Brian Krzanich has resigned from the company, effective immediately.

In a press release announcing the resignation, Intel said it was recently informed that Krzanich had a past consensual relationship with an Intel employee. An investigation by internal and external counsel confirmed a violation of Intel’s non-fraternization policy which the company says 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.

Intel’s board has named Chief Financial Officer Robert Swan as its interim chief executive, effective immediately. Intel Chairman Andy Bryant said the board is confident in Swan’s ability to lead the company as they conduct a robust search for their next CEO.

Swan, who has been Intel’s CFO since October 2016 and leads the global finance, IT and corporate strategy organizations, will manage operations in collaboration with Intel’s senior leadership team. Prior to arriving at Intel, he spent nine years as CFO of eBay.

Intel said the search for a permanent CEO is already underway and includes both internal and external candidates. A timeline for naming the next chief wasn’t mentioned.

Krzanich joined Intel in 1982 and has served as CEO since May 2013. According to CNBC, the relationship took place and ended "some time back" although it's unclear with whom he had the relationship.

Lead image via CNBC