Market Pulse
Intel names new leader for chip-making push
Intel Corp. (INTC)announced Tuesday that Stuart Pann will take over as general manager of Intel Foundry Services, a key part of Chief Executive Patrick Gelsinger's plans to reinvigorate the semiconductor giant. Gelsinger hopes to build out Intel's chip-manufacturing capabilities over several years, and make semiconductors for other companies. In charge of that effort will be Pann, who started his career with Intel before spending six years at HP Inc. (HPQ) and returning after Gelsinger came on board in 2021. "With deep expertise in capital and capacity strategies, supply chain management, and sales and operations planning across internal and external manufacturing, Stuart is an ideal leader to accelerate this momentum and drive long-term growth for IFS," Gelsinger said in a statement. The former president of the foundry business, Randir Thakur, will depart the company at the end of March, and Chief Architect Raja Koduri is also leaving, Gelsinger announced on Twitter. Pann will report directly to Gelsinger, Intel said. Intel shares were down more than 3% in Tuesday afternoon trading, the largest decline of the day for a Dow Jones Industrial Average component.
-Jeremy C. Owens
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March 21, 2023 13:54 ET (17:54 GMT)
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