Intel boss sold a mass of shares ahead of chip news
The firm says the sale was prearranged and had nothing to do with revelations about hacking vulnerability
New York/San Francisco — Intel CEO Brian Krzanich sold off a chunk of company stock in the fourth quarter of 2017, bringing his holdings to a five-year low. The sale has captured attention thanks to revelations that Intel chips are potentially vulnerable to hackers. Reports of the issue weighed on the shares and prompted the company to acknowledge the problem on Tuesday, saying its chips weren’t the only ones affected and predicting no material effect on its business. "Brian’s sale is unrelated," a company spokesman said. "It was made pursuant to a prearranged stock sale plan with an automated sale schedule. He continues to hold shares in line with corporate guidelines." According to filings, on November 29, Krzanich exercised and sold 644,135 options and sold an additional 245,743 shares he already owned. That sale decreased his overall holdings by about 50%, bringing his ownership level near to what he held at the end of 2013. Each of those share transactions were made according t...
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