Tuesday, 19 June, 2018

Intel CEO sold $24M in stock after firm knew about cyber vulnerabilities

Intel CEO sold $24M in stock after firm knew about cyber vulnerabilities Intel CEO sold $24M in stock after firm knew about cyber vulnerabilities
Guillermo Lane | 06 January, 2018, 01:19

Although Intel notes that the data can only be viewed and not modified or deleted, it does not make the vulnerability any less alarming.

Still the timeline raises questions: Krzanich's plan was created on October 30 and by Intel's own admission, the company learned of the chip vulnerability in June.

Intel CEO Brian Krzanich could be in hot water if the Securities and Exchange Commission (SEC) decides to investigate his massive sell-off of company shares and options. The bugs, known as Meltdown and Spectre, could allow programs to steal data from the memory content of a computer, potentially exposing passwords, personal photos, emails, instant messages and even business-critical documents. He sold his stocks for an average price of $44.55 in December, following a 12 percent surge in Intel's stock price from September through November that saw it go from the mid-30s to the mid-40s in price.

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.

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If you want to put things into perspective, despite the fall in Intel's share price this week; it's still trading much higher than when Krzanic sold his shares in November previous year.

June 2017: Google security researchers inform Intel and other large chipmakers of security vulnerabilities related to longstanding processor designs. Intel, of course, maintains that everything is above board and that plans for Kzranich to sell his Intel stock were part of a stock sale plan that was initially put together as far back as 2015.

Intel CEO Brian Krzanich told CNBC on Wednesday that his company had been working with researchers at Google for a couple of months to solve this security problem.He also told CNBC that this exploit isn't being used by the hackers.News of the security flaw caused Intel's stock to fall sown on Wednesday. His decision to set up that plan was "unrelated" to information about the security vulnerability, the representative said. According to an SEC filing, the holdings that Krzanich sold in November - 245,743 shares of stock he owned outright and 644,135 shares he got from exercising his options - were divested under just such a trading plan.

Intel's share price has fallen since the Meltdown and Spectre flaws became common knowledge. It closed down $1.59, or 3.4%, to $45.26.

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