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.”
  • Also Read: US $52B Chip Funding For Intel, TSMC, Samsung Will Cost Them China Ambitions: Report
  • 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.
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