News and Events for Attorneys and Executives

Timing of $24 Million Stock Sale by Intel CEO Draws Scrutiny

Brian Krzanich
Image by AP Photo/Intel Corporation,Bob Riha, Jr.

Two U.S. lawmakers are calling for an investigation into whether Intel’s chief executive, Brian Krzanich, improperly sold company stock after learning of a serious security flaw in the tech giants’ microchips before it was publicly disclosed, reports The Washington Post.

Intel’s stock price went down after the announcement of the flaw.

Reporter Renae Merle writes: “Intel learned of the security flaw in June and several months later, in late November, Krzanich exercised and sold nearly 900,000 company shares and stock options, making about $24 million, according to Securities and Exchange Commission filings. The sales reduced Krzanich’s holdings in company stock by 50 percent to the minimum number of shares he’s required to own, according to Intel corporate policy.”

Read the Post article.