Intel CEO sold all the stock he could after Intel learned of security bug Intel claims sale was unrelated, but he planned sale after researchers disclosed bugs.
From Ars Technica
Brian Krzanich, chief executive officer of Intel, sold millions of dollars worth of Intel stock—all he could part with under corporate bylaws—after Intel learned of Meltdown and Spectre, two related families of security flaws in Intel processors.Read more: https://arstechnica.com/information-technology/2018/01/intel-ceos-sale-of-stock-just-before-security-bug-reveal-raises-questions/While an Intel spokesperson told CBS Marketwatch reporter Jeremy Owens that the trades were "unrelated" to the security revelations and Intel financial filings showed that the stock sales were previously scheduled, Krzanich scheduled those sales on October 30. That's a full five months after researchers informed Intel of the vulnerabilities. And Intel has offered no further explanation of why Krzanich abruptly sold off all the stock he was permitted to.
“Meltdown” and “Spectre”: Every modern processor has unfixable security flaws
As a result of his stock sale, Krzanich received more than $39 million. Intel stock, as of today, is trading at roughly the same price as Krzanich sold stock at, so he did not yield any significant gain from selling before the vulnerability was announced. But the sale may still bring scrutiny from the Securities and Exchange Commission for a number of reasons.The Rule 10b5-1 plan under which Krzanich scheduled the stock sale is intended to shield executives from accusations of insider trading. But because of the timing of the plan and the length of time which Intel kept the vulnerability secret, SEC officials could still see the maneuver as a trade based on insider information—especially if there was no other material reason for Krzanich to sell the stock.
This smells fishy. While I didn't think he should have been axed for the security hole itself I'm starting to think he should be axed for insider trading. This guy should get the Martha Stewart treatment.
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Imagine the Cryptocurency vulmnerablilities this will allow for! so many new attack vectors just got opened! its like the Attack vector store Warehouse is having a sale!
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I'm sure he has a great lawyer who will say we are all looking at this from a wrong angle and theres nothing to see here...
i think this will get back the trust in the company after the recent news ;)
Resteemed!
Thanks for the information
Intel is just being intel, bah. I'm disgusted.
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