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Intel shares down after CEO Brian Krzanich resigns over relationship with employee

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The surprise move comes after a board investigation found he violated the company’s nonfraternization policy for managers.

Brian Krzanich is out as CEO of Intel.

The chip giant on Thursday said that Brian Krzanich had resigned and that the board had named Chief Financial Officer Robert Swan as interim CEO. The board has begun a search for a permanent CEO, looking at both internal and external candidates.

The resignation comes after the board learned of a past consensual relationship with an Intel employee and an investigation confirmed that it violated Intel’s nonfraternization policy, which applied to all managers, the company said.

“We appreciate Brian’s many contributions to Intel,” Intel Chairman Andy Bryant said in the release. “The board believes strongly in Intel’s strategy and we’re confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO.”

Shares fell nearly 2 percent to $52.40 after the news.

The resignation marks an ignoble end for an executive whose chief legacy is the push to diversify one of Silicon Valley’s biggest and most powerful players. Krzanich, who took the reins five years ago after serving as the operating chief, was considered a safe pick. He steered Intel through questions about whether the company could remain dominant as the world went more mobile, investing in everything from drones to virtual reality.

Intel built the x86 chips that traditionally powered PCs, but the world was increasingly turning to smartphones that used so-called Arm chips from the likes of Qualcomm. Under Krzanich, Intel positioned itself for a fresh start with the advent of next-generation 5G wireless technology, and it has edged into the mobile world as a supplier for Apple’s iPhones.

Not all of his bets have paid off, including Intel’s hasty retreat from VR once the buzz over the technology died down.

The most recent headaches for Krzanich have come from having to deal with massive vulnerabilities (called Spectre and Meltdown) that potentially left chips from Intel, Arm and AMD open to hacking attacks. He’s long been a fixture as a CES keynote speaker, but security concerns dominated this year’s presentation.

But Krzanich will likely most be remembered for championing workplace diversity. He made it a central issue at his CES keynote address in 2015, pledging $300 million to support better representation in technology. His action was one of the boldest at a time when the noise over diversity was just starting to spike.

“This isn’t just good business,” Krzanich said in his speech. “This is the right thing to do.”

But Intel doesn’t have an obvious successor. The company has seen a slew of key executive departures over the last few years, including former CFO Stacy Smith, Diane Bryant, once the head of the data center group but now with Google, and former president, Renee James.

“Krzanich’s resignation comes at a difficult time for Intel,” Cowen analyst Matthew Ramsey said. “We fail to see a clear internal long-term successor given recent changes to senior management.”

Intel, which declined to comment further, is hoping for a smooth transition during the search for a new CEO. To reassure investors, the company said it expects to have a record second quarter with revenue of roughly $16.9 billion and earnings, excluding one-time items, of 99 cents a share, above its previous forecast. Intel will report full results on July 26.

from CNET website
BY MARRIAN ZHOU, ROGER CHENG

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Waze launches nationwide carpool app

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Waze, the crowd-sourced navigation app that helps its users avoid traffic jams and speed traps, has launched a carpooling app. The Google-owned company says Waze Carpool, which went live across the country today, could one day cut down on traffic.

Finding that most people want to carpool with people they know, Waze built the service to provide an introduction. Users, who must provide a validated work email to register, gain access to Facebook and LinkedIn profiles, give one another reviews and can set up filters based on preferences.

A woman could decide to ride only with other women, for instance. Users also can block people they don’t want to ride with.

Asked about safety issues at the app’s unveiling at Google’s New York headquarters today, Waze CEO Noam Bardin noted that new technology platforms are increasingly allowing strangers to interact.

“If 10 years ago someone would say [they’re] going to sleep in a stranger’s house on vacation, you would have thought it unbelievable,” he said. “Things do happen. … But think about the millions of people using Airbnb every day—and cooperating.”

Waze Carpool also has been built in a way that prevents a user from turning it into a business. It accommodates only two rides per day. And while it facilitates small payments between riders and drivers to cover the cost of gas, they are set at 54 cents a mile, the limit the IRS will accept as a tax deduction.

Because the vehicle is not being used for a business, the driver’s personal car insurance is all the coverage that’s required.

Waze, founded in Israel and acquired by Google five years ago, envisions the app being used in partnership with municipalities looking to fight congestion and with businesses that want to help employees with their commute.

Bardin said he could imagine a scenario in which carpooling New Yorkers get a break on tolls or the app is used for access to HOV lanes on Brooklyn to Manhattan bridges once the L line shuts down.

For now Waze is not charging for the service and is subsidizing new riders by limiting their fuel-reimbursement cost to $2 a ride for their first three weeks. But Bardin said he expected the company would take a slice of each transaction once the app is used widely enough.

Source: https://www.crainsnewyork.com/transportation/waze-launches-nationwide-carpool-app

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Public School Debuts NYC Taxi Cab-Inspired Mi Electric Scooter

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Following an upcycled collection with Nike, Levi’s, Alpha Industries and more, Public School delivers another standout collab, this time with Chinese electronics company Xiaomi, and utilizing the brand’s Mi Electric Scooter.

Evoking Public School’s signature aesthetics, the hi-tech scooter boasts a minimal design with its dark grey/anthracite palette, and highlighted with a checkerboard pattern gracing the frontal tube, along with PSNY branding in contrasting white, and bright red utilized for the scooter’s brake and wheel wiring system.

“We reimagined the Mi Electric Scooter with inspiration from New York City taxi cabs. We are excited for the world to see our take on a scooter we use daily,” said Maxwell Osborne and Dao-Yi Chow of Public School.

Priced at $795 USD, you can purchase this limited edition scooter exclusively at Public School’s new flagship located at 3 Howard Street in New York City, as well as online, beginning October 6.

Source: https://www.highsnobiety.com/p/public-school-mi-electric-scooter/

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Flying taxi to travel from Boston to New York in 36 minutes

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A private transportation company seeks to offer a new form of travel connecting Boston and New York in under an hour.

Boston-based Transcend Air Corporation is developing the Vy 400, a six-seat, vertical take-off and landing aircraft. “It takes off and lands straight up and down,” the company said of the aircraft’s design. “This means we don’t need runways and airports. We’re able to depart and arrive right in major city centers.”

The company says the prototype can travel more than 400 miles per hour – three times faster than traditional helicopters – cost less to operate and offers a quieter ride than a helicopter.

“The Vy will provide faster, more affordable door-to-door service than either helicopters or conventional airplanes, without the need for airports,” the company said in a statement. “Transcend will deliver service right from major city centers, such as Manhattan and downtown Boston, using VTOL-ready landing pads.”

The company plans to launch commuter services between multiple North American cities in early 2024. Current planned services include: flights connecting New York City and Boston in as little as 36 minutes; Los Angeles and San Francisco in 55 minutes; and Montreal and Toronto in 25 minutes.

Announced prices are comparable to commercial flights between cities: $283 to-and-from Boston; $315 for West Coast flights; and $325 for Canadian travel.

Transcend Air says they hope to expand to dozens more cities in later years.

“This is a necessary and transformative addition to city-to-city transportation options,” Greg Bruell, co-founder and CEO of Transcend said. “It solves multiple problems at once: we’ll take cars off congested roads, reduce pollution around airports, and lower the cost of air transportation while drastically reducing travel times.”

Source: https://www.masslive.com/news/boston/index.ssf/2018/09/flying_taxi_to_travel_from_bos.html

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