Cybersecurity
U.S. Senators Urge Government to Probe Intel CEO's Share Sales
- Reed and Kennedy call reports on Krzanich trades ‘alarming’
- Intel says it will fully cooperate with any investigations
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Two key U.S. senators are pushing authorities to investigate whether Intel Corp. Chief Executive Officer Brian Krzanich violated insider-trading rules when he sold off a chunk of his shares in the chipmaker late last year.
News reports that more than $20 million in share sales by Krzanich were scheduled in October of last year before the company made public that its processors were vulnerable to hackers are “troubling,” Senators Jack Reed and John Kennedy wrote in Tuesday letters to the Securities Exchange Commission and the Justice Department. Reed, a Rhode Island Democrat, and Kennedy, a Louisiana Republican, are members of the Senate Banking Committee.