Intel CEO sold all shares right after revealing security flaws

Intel gave no further explanation as to why Krzanich sold all such shares.

Intel CEO sold all shares right after revealing security flaws

Brian Krzanich, Intel's CEO, has sold millions of dollars of his shares - all shares he can sell in accordance with the law - at Intel after discovering two serious security flaws on these. Intel, Meltdown and Specter processors.

Intel representative told CBS reporter Marketwatch Jeremy Owens that this was "unrelated" to the security flaw and Intel's financial report also showed the sale of predetermined shares on October 30. , 5 months after researchers informed Intel of these vulnerabilities. Intel gave no further explanation as to why Krzanich sold all such shares.

After selling, Krzanich received over 39 million dollars. Today, the price of Intel's shares traded on the floor is roughly the same price that Krzanich sold so he hardly made any difference from selling stocks before officially announcing the gap. However, this did not avoid the scrutiny of SEC Securities Commission.

Intel CEO sold all shares right after revealing security flaws Picture 1
Brian Krzanich - currently CEO of Intel

Krzanich plans to sell shares based on regulation 10b5-1, where the aim is to protect managers who are not accused of insider trading (buying or selling securities by a person with access to Confidential, unpublished information about that type of securities).

But due to the timing of the plan to sell as well as the time when Intel kept secrets about the vulnerability, the SEC could still see this action because of the secret information - especially when Krzanich did not give any good reason. about his actions.

In August, three Equifax executives also sold the stock just weeks before they announced data leaks, prompting the Justice Department to open an investigation. The representative of Equifax said that these people - including Chief Financial Officer, Information Division Chairman and HR Division Chairman - did not know about the leak when selling a small amount of stocks. Trading is not planned beforehand.

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