Intel (NASDAQ: INTC) CEO Brian Krzanich sold off a large chunk of his stake in the company last year — after the chipmaker was already aware of serious security flaws in its computer processors, according to multiple reports.
The chipmaker did not immediately respond to media request for comments sent outside U.S. office hours.
Other outlets have reported an Intel spokeswoman said Krzanich's decision to sell the shares was unrelated to the security vulnerability disclosed this week.
According to a U.S. Securities and Exchange Commission filing in late November, Krzanich acquired and sold 644,135 shares at a weighted average price of $44.05 by exercising his options. Those options let him purchase the shares at prices between $12.985 and $26.795, significantly lower than where Intel was trading at the time.
He sold another 245,743 shares that he already owned at a weighted average of $44.55. That brought down the total number of shares he owns to 250,000 — which is the minimum number of shares that the CEO of Intel is required to own, according to a Motley Fool report.
Krzanich sold all of those shares for a little over $39 million, apparently netting about $25 million.
Multiple outlets, however, have reported that Intel and other chip makers were notified of the security vulnerabilities in June.
Shares in the company known as “Mr. Chips” dropped $2.14, or 4.7%, Thursday to $43.12, within a 52-week average of $33.23 to $47.64
Tech Insider
