Intel's Ambitions To Compete With Taiwan Semiconductor, Samsung Suffers Jolt After Losing Foundry Head

Intel Corp INTC executive Randhir Thakur, who headed its push into the contract-manufacturing industry, is leaving the chipmaker, jeopardizing CEO Pat Gelsinger’s turnaround plan.
Thakur “has decided to step down from his position to pursue opportunities outside the company,” Bloomberg reported citing an emailed statement.
“He will stay on through the first quarter of 2023 to ensure a smooth transition to a new leader.”
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After losing its role as the leader of the $580 billion chip industry, Intel has set out to become a so-called foundry, an area dominated by Taiwan Semiconductor Manufacturing Company Ltd TSM and Samsung Electronics Co, Ltd SSNLF.
Thakur had sought to get Intel on that same track.
The effort has included plans to build new plants in the U.S. and Europe to win chipmaking contracts from companies like Apple Inc AAPL and Qualcomm Inc QCOM.
Thakur will stay on until Intel completes its acquisition of Tower Semiconductor Ltd TSEM.
Price Action: INTC shares traded higher by 1.21% at $29.29 on the last check Tuesday.