Connect with us

Business

Intel Foundry Leader to Depart, Shaking Up Gelsinger’s Turnaround Plan

News Agencies

Published

on

(Bloomberg) — Intel Corp. executive Randhir Thakur, who oversaw a key part of the company’s comeback plan — its push into the contract-manufacturing industry — is leaving the chipmaker.

Most Read from Bloomberg

Thakur “has decided to step down from his position to pursue opportunities outside the company,” Intel said in an emailed statement. “He will stay on through the first quarter of 2023 to ensure a smooth transition to a new leader.”

The departure marks a shake-up for Chief Executive Officer Pat Gelsinger’s turnaround plan. After losing its role as the leader of the $580 billion chip industry, Intel has set out to expand its operations. That includes becoming a so-called foundry — a business that makes chips for other companies. It’s an area dominated by Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., two companies that are unlikely to cede their territory easily.

Advertisement

TSMC pioneered the modern foundry model, helping companies such as Apple Inc., Qualcomm Inc. and Advanced Micro Devices Inc. innovate and expand without the burden of running their own multibillion-dollar chip factories.

Thakur had sought to get Intel on that same track. The effort has included plans to build new plants in the US and Europe, a wager that companies like Apple and Qualcomm will give Intel at least some of their business.

Thakur will stay on until Intel completes its acquisition of Tower Semiconductor Ltd. It’s paying $5.4 billion for the provider of outsourced chip manufacturing.

Advertisement

The Register earlier reported Thakur’s plan to leave Intel.

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Advertisement
Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment7 hours ago

Hilary Duff Says She Hangs Out with Ex Joel Madden and Their Spouses ‘All the Time’: ‘It’s Lovely’

Hilary Duff, Joel Madden Marc Andrew Deley/FilmMagic Hilary Duff is keeping it friendly with at least one ex. The How...

Entertainment10 hours ago

Pamela Anderson’s ex-husband of 12 days, Jon Peters, vows to leave her $10M in his will, ‘whether she needs it or not’

Pamela Anderson visits “The Howard Stern Show” on Jan. 25 at SiriusXM Studios in Los Angeles. (Photo: Emma McIntyre/Getty Images...

Entertainment10 hours ago

Why Andrea Riseborough’s controversial upset Oscar nomination is now under review by the Academy

Andrea Riseborough scored an upset Oscar nomination for her star turn in To Leslie. (Photo: Courtesy Everett Collection) You might...

Entertainment10 hours ago

Why Andrea Riseborough’s upset Oscar nomination is now under review by the Academy

Andrea Riseborough scored an upset Oscar nomination for her star turn in To Leslie. (Photo: Courtesy Everett Collection) You might...

Entertainment11 hours ago

Phoebe Waller-Bridge is making a Tomb Raider show at Amazon

Phoebe Waller-Bridge Fresh off co-starring in the upcoming Indiana Jones And The Dial Of Destiny, Phoebe Waller-Bridge is gearing up...

Entertainment11 hours ago

Priscilla Presley files to control Lisa Marie Presley’s estate despite Riley Keough being named trustee

Lisa Marie Presley, Priscilla Presley and Riley Keough pose after placing their handprints in cement at TCL Chinese theatre in...

Entertainment11 hours ago

Slash talks new book, childhood with Joni Mitchell, how he ‘stumbled into’ playing guitar, and why Guns N’ Roses would probably get ‘canceled in this day and age’

Guns N’ Roses guitar god Slash certainly has led a wild life, and if he wanted to pen a juicy...

Entertainment12 hours ago

Feminist Jane Fonda once ‘saw women as weak’

Jane Fonda is opening up about her cancer treatment. (Photo: REUTERS/Mario Anzuoni) Jane Fonda has been an outspoken feminist for...

Advertisement

Latest Sports

Sports47 mins ago

Tsitsipas – Melbourne finalist who was ‘a few breaths from dying’

Stefanos Tsitsipas will become Greece's first Grand Slam champion and a world number one if he wins the Australian Open...

Sports1 hour ago

Teed off: McIlroy-Reed beef a PGA-LIV preview

After a brief ceasefire, Rory McIlroy and Patrick Reed's awkward driving range moment foreshadows what's ahead this year between LIV...

Sports2 hours ago

Novak Djokovic defends his father after setting up Stefanos Tsitsipas final

By Simon Briggs, Tennis Correspondent, in Melbourne

Sports2 hours ago

Warriors observations: Steph Curry, Klay Thompson lead win vs. Raptors

Steph Curry scored a game-high 33 while Klay Thompson added 29 as the Warriors held off the Raptors on Friday...

Sports3 hours ago

Will easygoing Patrick Mahomes, whose Chiefs could be underdogs come Sunday, finally lean into a slight for motivation?

Unlike Tom Brady, Michael Jordan and other great athletes, Mahomes has never leaned into slights. But if there were ever...

Sports3 hours ago

Brock Purdy’s most unexpected NFL lesson perfectly portrays 49ers QB

Brock Purdy's rookie season has been anything but typical, and the 49ers QB shared the biggest lesson he has learned...

Sports3 hours ago

How 49ers will defend Jalen Hurts’ running ability, per Arik Armstead

Speaking with NBC Sports Bay Area's Matt Maiocco, Arik Armstead explains how the 49ers will approach defending a mobile quarterback...

Sports4 hours ago

MLB’s top prospects provide hope for rebuilding teams. Why do ownership progeny insist on souring it?

Having young stars on the way isn't enough when cynical team ownership doesn't understand how to or want to invest...

Technology Hot News

Technology1 week ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology1 week ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology1 week ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology1 week ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology1 week ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology2 weeks ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology2 weeks ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology2 weeks ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement