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:

  • Senator Orrin Hatch Announces Plan to Retire

    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.
    America Ferrera and husband Ryan Piers Williams are having a baby

    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 .
    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).
  • You won't have to wait long for the first supermoon of 2018

    You won't have to wait long for the first supermoon of 2018

    And as a NASA post on the "supermoon trilogy" explains , the one on January 31 will definitely be worth seeing. Sometimes the celestial rhythms sync up just right to wow us.
    Collins calls Apple a

    Collins calls Apple a "cancer"

    The following day, Apple denied he had any conversation with Collins , who was livid when told about Apple's comments. Besides, the other two guys, [Dominique Rodgers-Cromarie] and [ Janoris Jenkins ], I love those two guys.
    Israel deports two Turkish citizens detained in Jerusalem protests

    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.
  • Hisense To Install Amazon Alexa Into Its Smart TVs

    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.
    Got the flu? Here's what leads to recovery

    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.
    Mueller Probing Whether Trump Digital Team Aided Russian Disinformation Campaign

    Mueller Probing Whether Trump Digital Team Aided Russian Disinformation Campaign

    Trump called it "too bad" that Attorney General Jeff Sessions recused himself from the Russian Federation probe. "So, I think it's been proven that there is no collusion ".
  • Family Members Killed in Shooting in New Jersey

    Family Members Killed in Shooting in New Jersey

    A 16-year-old boy is in custody in New Jersey after police say he gunned down his parents, sister and an elderly family friend. A 16-year-old boy is in police custody after four people were found shot to death inside his parents' New Jersey home.
    Dallas Cowboys hold off Philadelphia Eagles

    Dallas Cowboys hold off Philadelphia Eagles

    Heading into week 17, the Philadelphia Eagles will square off against the Dallas Cowboys in their home finale of the 2017 season. Both of those things matter a great deal, especially after watching Nick Foles play quarterback over the last two weeks.
    Woman killed by pit bulls outside her home

    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.


Most liked

The Crown: Helena Bonham Carter near deal to play Princess Margaret
The feelings we all have as 50-year-olds are different than the feelings we all have as 30-year-olds. She's going to make Princess Margaret a legend.

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.

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.

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.

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 .

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".

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.

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 .

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.

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.

Blaze at London Zoo as 70 firefighters tackle flames
The cause of the fire is not yet known. "We will aim to re-open when we know it is safe to do so for animals, staff and visitors". Dominic Jermey, director general for ZSL, said some staff were treated for smoke inhalation and shock.

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 .

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.