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Intel names two chip industry veterans to its board amid CEO search

Economic Times

Economic Times · 8m ago

Intel names two chip industry veterans to its board amid CEO search

Intel has announced the appointment of Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to its board as it searches for a new CEO. The struggling semiconductor company has fallen behind competitors like Nvidia and TSMC in advanced chipmaking. The previous CEO, Pat Gelsinger, was removed from his position and Intel is now evaluating external candidates, including former board member Lip-Bu Tan, for the CEO role. Both Meurice and Sanghi have prior experience working at Intel. The company's next CEO will need expertise in manufacturing and product development.

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Related News

With Donald Trump's help, Intel could hand control of chip plants to TSMC

Economic Times

Economic Times · 6m ago

With Donald Trump's help, Intel could hand control of chip plants to TSMC

Intel is collaborating with the Trump administration to potentially transfer its chip manufacturing operations to Taiwan Semiconductor Manufacturing Co. (TSMC) amid struggles to compete in the semiconductor industry. The deal, facilitated by Trump-appointed officials, could see TSMC taking control of Intel’s manufacturing business, partly to bolster U.S. chip production and manage strategic risks involving Taiwan and China. The move raises questions about U.S. semiconductor strategy and Intel's future in the industry.

Intel's chip contracting plan in spotlight on earnings day - The Economic Times

Economic Times

Economic Times · 1m ago

Intel's chip contracting plan in spotlight on earnings day - The Economic Times

Intel is facing a downturn with declining sales and consecutive net losses. CEO Lip Bu-Tan's focus on enhancing its chip contract manufacturing business, including a shift to the 14A chipmaking process, is under scrutiny. Intel aims to make its foundry unit break even by 2027, but potential writedowns could impact this timeline. The company is also selling non-core assets to streamline operations amid challenging market conditions and global trade uncertainties.

Intel delays $28 billion Ohio chip factories to 2030

Economic Times

Economic Times · 6m ago

Intel delays $28 billion Ohio chip factories to 2030

Intel announced delays in its $28 billion Ohio chip factories, with the first plant now expected to finish by 2030, five years later than planned. This decision stems from Intel's need to align operations with market demand and manage finances responsibly amid efforts to cut costs and restore its standing in the chip manufacturing industry. Consequently, capital expenditures have been reduced, affecting project timelines. The subsequent Ohio factory is projected for 2032 operation commencement.

Ex Intel directors advocate massive shake up as Trump guns for CEO Tan - The Economic Times

Economic Times

Economic Times · 18d ago

Ex Intel directors advocate massive shake up as Trump guns for CEO Tan - The Economic Times

Former Intel board members are pushing for a significant restructuring, proposing the spin-off of Intel Foundry into an independent entity to enhance competitiveness and address national security concerns. This follows scrutiny of Intel CEO Lip-Bu Tan's ties to Chinese companies, with President Trump calling for his resignation. They believe separating the chip fabrication unit would make it more agile against rivals and strengthen the U.S. position in advanced semiconductor manufacturing.

New Intel CEO Lip-Bu Tan will pick up where Pat Gelsinger left off

Arstechnica

Arstechnica · 5m ago

New Intel CEO Lip-Bu Tan will pick up where Pat Gelsinger left off

Intel has appointed Lip-Bu Tan as the new CEO, replacing Pat Gelsinger after his ousting due to financial losses and restructuring moves. Tan, previously on Intel's board, will start on March 18, continuing the plan to transform Intel into a chip foundry competing with giants like TSMC. The company faces challenges, including an $18.76 billion loss in 2024 and reliance on the US government's CHIPS Act for funding its revival strategy.

Intel challenges Nvidia, Qualcomm with 'AI PC' chips for cars

Economic Times

Economic Times · 1y ago

Intel challenges Nvidia, Qualcomm with 'AI PC' chips for cars

Intel is taking on NVIDIA and Qualcomm in the AI chip market for cars with the introduction of its latest product, Intel Ponte Vecchio. This chip aims to provide high-performance computing capabilities for autonomous vehicles and other AI-driven applications. By entering the automotive AI chip market, Intel hopes to tap into the rapidly growing demand for technology in the transportation industry, as vehicles become increasingly connected and reliant on AI-driven algorithms.

Intel board member quit after differences over chipmaker's revival plan

Economic Times

Economic Times · 1y ago

Intel board member quit after differences over chipmaker's revival plan

The recent resignation of a board member at Intel was reportedly due to differences with CEO Pat Gelsinger and other directors over issues such as the company's bloated workforce, risk-averse culture, and lagging artificial intelligence strategy. Lip-Bu Tan, a semiconductor industry veteran, had joined the board two years ago to help restore Intel's position as a leading chipmaker. However, he grew frustrated with the company's large workforce and bureaucratic culture. Tan's departure highlights the challenges faced by Intel as it undergoes a turnaround effort in the midst of a difficult period for the company.

Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs

Economic Times

Economic Times · 12m ago

Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs

Intel CEO Pat Gelsinger is set to present a plan to the company's board of directors for restructuring and cost-cutting measures. The plan includes selling off unnecessary businesses such as its programmable chip unit Altera, in order to reduce costs and revive the struggling chipmaker's fortunes. The proposal does not currently include plans to sell off Intel's contract manufacturing operation. The company is also considering pausing or halting its $32 billion factory project in Germany. Intel has hired Morgan Stanley and Goldman Sachs to advise on potential sales. The board meeting in mid-September will play a crucial role in determining Intel's future direction.

Struggling Intel names industry veteran Lip-Bu Tan as CEO

Economic Times

Economic Times · 5m ago

Struggling Intel names industry veteran Lip-Bu Tan as CEO

Intel has appointed industry veteran Lip-Bu Tan as the new CEO to steer the company through its struggles in the AI chip market. Tan, replacing the ousted Pat Gelsinger, emphasizes an engineering-focused approach to rebuild Intel's standing. Despite challenges from rivals like TSMC, Samsung, and Nvidia, Intel plans to take calculated risks to regain a competitive edge. The announcement has positively impacted Intel's shares, reflecting market optimism about Tan's leadership.

Intel CEO Pat Gelsinger retires from struggling chipmaker

Economic Times

Economic Times · 8m ago

Intel CEO Pat Gelsinger retires from struggling chipmaker

Intel announced that CEO Pat Gelsinger will retire from the company on December 1. In the meantime, CFO David Zinsner and senior executive Michelle Johnston Holthaus will serve as interim co-CEOs. Intel's board will commence the search for a permanent CEO. As a result of this news, the company's shares saw a near 3% increase in premarket trading.

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