Intel CEO share dump 'unrelated' to processor flaws

Intel CEO share dump 'unrelated' to processor flaws

GBH Insights Chief Strategy Analyst Daniel Ives says Krzanich's stock sale was "cookie cutter" and not a concern.

Intel also says that it does not expect material financial impacts from the design flaw, although it remains too early to know for sure.

The stock sale raised eyebrows when it was disclosed, primarily because it left Krzanich with just 250,000 shares of Intel stock - the bare minimum the company requires him to hold under his employment agreement.

Meltdown removes the barrier between user applications and sensitive parts of the operating system while Spectre, which is also reportedly found in some AMD and ARM processors, can trick vulnerable applications into leaking the contents of their memory.

Intel's chief executive officer sold shares in his company several months after Google informed the chipmaker of a serious security problem affecting its products.

The shares were sold in accordance with a SEC Rule 10b5-1 plan, which is meant to prevent illegal insider trading by allowing company executives to create predetermined, automatic selling plans.

A report in Business Insider said an Intel representative had told it that Google had informed the processor maker about the flaws - dubbed Meltdown and Spectre - in June 2016. Krzanich sold $24 million in stocks and options back on November 29 although an Intel spokesperson claims the sale was part of a planned divestiture program (PDP) and had nothing to do with the vulnerabilities. He sold 242,830 shares in one transaction and 2,913 shares in a separate transaction, with the average price for those shares coming out to $44.55 per share-allowing the Intel CEO to pocket about $11 million. The stock dump came about a month before news of the Meltdown and Spectre security vulnerabilities became public this week.

While Intel shares took a hit from yesterday's revelation, they continue to trade higher than where Krzanich sold last November.

On Thursday, Axios reported that Krzanich had revised his company's trading plan in October.

Krzanich disclosed his plan to sell Intel shares in October, according to an SEC filing from Oct. 30. It's common for a company dealing with security flaws to sit on the information in hopes of fixing the problem before hackers discover the vulnerabilities. Despite the representative stating the plan was unrelated, it certainly seems convenient for Krzanich that it occurred before news of the flaws caused shares to drop 3.4 percent on Wednesday.

Related News:

  • Cardi B and Offset Deny Instagram Model's Claims Offset Got Her Pregnant

    Powell, who's Twitter bio reads "Gods Gift To Rappers", has also previously claimed fake pregnancies with Fetty Wap and Chief Keef.
    Turkey-Russia S-400 systems contract also envisages technological cooperation

    Turkey-Russia S-400 systems contract also envisages technological cooperation

    Negotiations on the S-400 deal were first announced by Turkish President Recep Tayyip Erdogan in September. Turkey will have to pay $1.125 Billion as cash for the S-400 purchase (45 per cent of $2.5 billion).
    Christmas celebrated with gaiety in Udupi district

    Christmas celebrated with gaiety in Udupi district

    As the bells tolled, people thronged the churches - including the Cathedral Church of The Redemption and Sacred Heart Cathedral. The churches of the city have been decorated and thousands of people visited the holy places to celebrate the Pagan holiday .
  • Justin Timberlake Drops

    Justin Timberlake Drops "Filthy" Video, Channels Steve Jobs

    The new track, titled Filthy , is a mix of synth-funk, some elements of rock, and of course JT's famous pop-fuelled self. Can you find me? Man of the Woods arrives February 2, and three more songs and videos are expected before then.

    Sensex rises 100 points, Nifty above 10500, RCom shares gain over 30%

    At 2:36 PM, the BSE Sensex was trading at 34,038, up 190 points, while the Nifty50 Index was ruling at 10,523, up 45 points. At the close, the benchmark 30-share index, BSE Sensex lost 63.78 or 0.19% at 33,848.03 with 16 components registering drop.
    Palestinians die of wounds from Israel clashes in Gaza

    Palestinians die of wounds from Israel clashes in Gaza

    Mohammed Sami al-Dahdouh was injured in Gaza protesting Trump's decision to recognise Jerusalem as Israeli capital. For their part, the Palestinians say East Jerusalem must be the capital of a future independent Palestinian state.
  • Trump threatens to cut Pakistan aid over 'deceit' in terror fight

    Trump threatens to cut Pakistan aid over 'deceit' in terror fight

    A few months ago, Trump declared that Pakistan "gives safe haven to agents of chaos , violence and terror". What set Trump off about Pakistan wasn't immediately clear, nor was what "No more " implied.
    Multiple deputies injured after shots fired in incident in Denver suburb

    Multiple deputies injured after shots fired in incident in Denver suburb

    An hour later, the sheriff's office tweeted that "multiple deputies" were down but couldn't update their conditions. An emergency shelter has been set up at Highlands Ranch Recreation Center at Eastridge at 9568 S University Blvd.
    Gallup Poll Names Barack Obama and Hillary Clinton Most Admired People Again

    Gallup Poll Names Barack Obama and Hillary Clinton Most Admired People Again

    Gallup explains that Trump's unpopularity is likely what's holding him back from winning the most admired distinction. Clinton "remains arguably more prominent than other contenders", Jones wrote in a blog post announcing the findings.
  • Trump lashes out at Vanity Fair for backtracking on Hillary Clinton video

    Trump lashes out at Vanity Fair for backtracking on Hillary Clinton video

    President Donald Trump has lashed out at Vanity Fair after the magazine apologised for an online video mocking Hillary Clinton . For the president, the uproar provided an opportunity to take a dig at two of his favorite targets: Clinton and Vanity Fair .
    Baltimore couple killed in Florida plane crash

    Baltimore couple killed in Florida plane crash

    This is a tragedy any time, but it is so much worse because it happened on Christmas Eve, ' sheriff Grady Judd said. Shannon-Worthington was a teacher at Baltimore International Academy Elementary/Middle School in Baltimore.
    Army Major, 3 Jawans Killed After Pakistan Violates Ceasefire In J&k

    Army Major, 3 Jawans Killed After Pakistan Violates Ceasefire In J&k

    The statement said that the dead include an Indian army officer and that Indian soldiers retaliated "strongly and effectively". India shares a 3,323 km long border with Pakistan, of which 221 km of the IB and 740 km of the LoC fall in Jammu and Kashmir .


Most liked

LG unveils 4K projector capable of outputting 150-inch projection
CES 2018 kicks off next week, we are expecting to see a range of new gadgets, one of those will be the new LG 4K UHD Projector. LG said the new HU80KA projector is at par or excels its competitors while still sporting smaller dimensions.

Hisense To Install Amazon Alexa Into Its Smart TVs
Not only does Alexa connect your voice with your TV, music, video and lights, but it is also connected to your kitchen now . You might, for example, tell Alexa to set the microwave for 3 minutes or ask Alexa to preheat the oven to 300 degrees.

Senator Orrin Hatch Announces Plan to Retire
Hatch's announcement came only days after the Republican tax plan that he helped to craft got signed into law. In contrast, Romney carried Utah with almost 73 percent of the vote in the 2012 presidential election.

Mariah Carey got her redemption with a fabulous New Year's Eve performance
She opened with " Vision of Love ", which wasn't great, but considering the wind chill, she gets a pass. She had technical difficulties during a live performance of her 1991 hit Emotions.

America Ferrera and husband Ryan Piers Williams are having a baby
We got engaged and then left for Iraq the next day", she revealed. They met as students at the University of Southern California .

Got the flu? Here's what leads to recovery
North Carolina officials have reported the state's first child death from flu for this season. San Diego physicians are encouraging all residents to get a flu vaccination as a precaution.

SoftBank's Tender Bid For Uber Massively Successful
It will also buy $1 billion of shares directly from Uber at the older $70 billion valuation. The companies said they would issue a statement on the outcome of the tender offer .

United States, Turkey Resume Visa Services
Metin Topuz, the consulate employee arrested in October, was detained on charges of espionage and alleged ties to Gulen. Turkey retaliated by halting visa services in the USA for Americans traveling to the country.

'Jerusalem embassy move a sovereign decision'
The announcement made Guatemala the first country to follow the United States in saying it was moving its embassy. The resolution passed by the General Assembly declared the US action on Jerusalem "null and void".

Bundle up if you're heading out: Wind chills below zero predicted today
Overnight lows will fall to around 0, if not below that mark, with wind chills around the same territory as this morning. With similar values expected, more wind chill advisories in at least parts of the region are certainly fair game.

Trump fumes over Russian Federation dossier: 'Crooked Hillary pile of garbage'
Trump's lawyers continue to predict that Mueller is wrapping up his probe as it relates to anyone in the White House. Its murky origins have been revealed to include a Republican donor who hired political intelligence firm Fusion GPS.

North Korea calls latest United Nations sanctions 'an act of war'
China, with which North Korea does some 90 percent of its trade, has repeatedly called for calm and restraint from all sides. Tension has been rising over North Korea's nuclear and missile programmes, which it pursues in defiance of years of U.N.

Woman killed by pit bulls outside her home
The sheriff's department said a caller had reported his brother and sister-in-law were attacked by two of their neighbour's dogs. Animal control and the Bell County Sheriff's Department are now searching for the brown Pit bull.

Israel deports two Turkish citizens detained in Jerusalem protests
Many governments have long said that the fate of Jerusalem must be resolved through negotiations. Tension has mounted in the Palestinian territories since December 6, when U.S.

Mbappe and Jesus for £5million? Giggs laments United transfer misses
I've spent my whole life in the Premier League - not just as a player but as a player-coach and assistant manager". I'm talking about Rafael [Da Silva], [Danny] Welbeck, Jonny Evans - players who are United through and through.