Intel Big Shot Sir Jump Ship after 24moons

[k1976]

https://www.datacenterdynamics.com/...ged-disagreements-over-management-of-company/

Technology

Intel Director Lip-Bu Tan Leaves Board of Ailing Chipmaker​

• The industry veteran had joined board in September 2022
• Company has been cutting jobs as its turnaround bogs down

Lip-Bu Tan is departing Intel’s board after less than two years.Source: Intel
By Ian King and Jane Lanhee Lee
August 23, 2024 at 2:23 AM GMT+8
Updated on
August 23, 2024 at 4:41 AM GMT+8
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Intel Corp. director Lip-Bu Tan, a semiconductor industry veteran brought in two years ago to help with the chipmaker’s comeback effort, has stepped down from the board.
Tan informed the board on Aug. 19 that he would be leaving, effective immediately, Intel said in a filing on Thursday, confirming an earlier report by Bloomberg News. The director, a former chief executive officer of Cadence Design Systems Inc. who also runs an investment firm, cited “demands on his time” for driving the move.

 

[k1976]

Intel Is Said to Explore Options to Cope With Historic Slump​

• Once-dominant chipmaker looks to longtime bankers for help
• Possible moves could include split of product, foundry units

Intel CEO Pat Gelsinger has struggled to turn around the chip pioneer.Photographer: Annabelle Chih/Bloomberg
By Dinesh Nair, Ian King, and Ryan Gould
August 30, 2024 at 11:06 AM GMT+8
Updated on
August 30, 2024 at 11:38 AM GMT+8
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Intel Corp. is working with investment bankers to help navigate the most difficult period in its 56-year history, according to people familiar with the matter.

The company is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people, who asked not to be identified because the deliberations are private.

 

[k1976]

Business

US senator presses Intel CEO on chips award after job cut plan​

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US senator presses Intel CEO on chips award after job cut plan​

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Senator Rick Scott (R-FL) speaks during an event held by national conservative political movement 'Turning Point', in Detroit, Michigan, U.S., June, 14, 2024. REUTERS/Rebecca Cook/ File Photo

FILE PHOTO: Intel logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic//File Photo

Senator Rick Scott (R-FL) speaks during an event held by national conservative political movement 'Turning Point', in Detroit, Michigan, U.S., June, 14, 2024. REUTERS/Rebecca Cook/ File Photo

FILE PHOTO: Intel logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic//File Photo

Senator Rick Scott (R-FL) speaks during an event held by national conservative political movement 'Turning Point', in Detroit, Michigan, U.S., June, 14, 2024. REUTERS/Rebecca Cook/ File Photo
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29 Aug 2024 06:42AM
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WASHINGTON : Republican Senator Rick Scott on Wednesday asked Intel CEO Pat Gelsinger for more details on the company's plans to cut more than 15,000 jobs despite being set to receive nearly $20 billion in U.S. grants and loans to boost chip production.
In a letter seen by Reuters, Scott questioned if the Commerce Department's planned awards had failed "to include real metrics that would protect taxpayer dollars from going to companies that could not meet high standards for U.S. manufacturing and job creation."
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The Commerce Department in May announced a preliminary agreement for $8.5 billion in grants and up to $11 billion in loans for Intel as well as access to a 25 per cent investment tax credit. The chips award has not been finalized.
The agency declined to comment on Scott's letter and Intel did not immediately respond to requests for comment.
The Commerce Department said in May the funding will support the creation of more than 10,000 manufacturing jobs and nearly 20,000 construction jobs for projects in Arizona, New Mexico, Ohio and Oregon.
Intel said this month it would cut costs by $10 billion in 2025 and reduce its workforce by more than 15 per cent, with a majority of the exits completed this year.
Gelsinger said at the time Intel's workforce is 10 per cent larger than it was in 2020, when its revenue was $24 billion higher than in 2023 and he needed fewer people at headquarters and more in the field supporting customers.

 

[k1976]

Morgan Stanley and Goldman Sachs Group Inc., Intel’s longtime bankers, have been providing advice on the possibilities, which could also include potential M&A, the people said. The discussions have only grown more urgent since the Santa Clara, California-based company delivered a grim earnings report, which sent the shares plunging to their lowest level since 2013.

The various options are expected to be presented during a board meeting in September, the people said.

No major move is imminent and discussions are still in early stages, the people cautioned. A representative for Intel declined to comment, while Morgan Stanley and Goldman Sachs didn’t immediately respond to requests for comment.

A potential separation or sale of Intel’s foundry division, which is aimed at manufacturing chips for outside customers, would be an about-face for Chief Executive Officer Pat Gelsinger. Gelsinger has viewed the business as key to restoring Intel’s standing among chipmakers and had hoped it would eventually compete with the likes of Taiwan Semiconductor Manufacturing Co., which pioneered the foundry industry.

But it’s more likely that Intel takes a less dramatic step before it reaches that point, such as holding off on some of its expansion plans, the people said. The company has already done project financing deals with Brookfield Infrastructure Partners and Apollo Global Management.

Intel’s Gelsinger is running out of time to pull off a much-needed turnaround. He’s been attempting to expand the chipmaker’s factory network at the same time that sales are shrinking — a money-losing proposition. The company suffered a net loss of $1.61 billion last quarter, and analysts are predicting more red ink for the next year.

Gelsinger, an Intel veteran who left the company for more than a decade, took the helm in 2021 and promised to restore the company’s technological edge. Under previous CEOs, the chip pioneer had lost market share and its long-vaunted reputation for innovation.

 

[k1976]

But his comeback plan proved overly ambitious, and the company has had to scale back. When it reported earnings earlier this month, Intel announced plans to cut about 15,000 jobs and slash capital spending. The company even suspended its long-prized dividend.

“It’s been a difficult few weeks,” Gelsinger told investors at the Deutsche Bank Technology Conference on Thursday. The company tried to lay out a “clear view” of its next steps during its earnings report, he said. “Obviously the market didn’t respond positively. We understand that.”

Adding to the upheaval, director Lip-Bu Tan abruptly stepped down from the board last week. The semiconductor veteran, who was brought in two years ago to help with the comeback effort, cited scheduling commitments. But his departure removed one of the few directors with industry knowledge and experience.

 

[k1976]

https://www.calcalistech.com/ctechnews/article/sycgkk3or

Intel has completed the first phase of its downsizing plan in Israel, as the window for submitting applications for the voluntary retirement program—offering preferential conditions for eligible employees—has now closed, Calcalist has learned. It is estimated that a significant number of employees applied for voluntary retirement due to concerns that they might be laid off regardless. The company will now assess the number of employees opting for retirement in each division and adjust the scope of layoffs accordingly. The planned cutbacks will involve not only significant layoffs but also reductions in various activities to minimize the number of layoffs.

Intel CEO Pat Gelsinger addressed the issue, stating that a substantial portion of the reductions would involve closing or scaling back activities that do not significantly contribute to the company's revenue. Recently, Intel announced its intention to reduce its workforce by approximately 15% as part of a major reorganization aimed at achieving $10 billion in cost savings. Intel currently employs about 11,700 workers in Israel, including 7,800 in development roles and 3,900 in production roles, out of a global workforce of 110,000.

 

[k1976]

https://www.businessinsider.com/intel-exec-fired-after-exposing-bosss-pro-hamas-x-posts-2024-8

Intel internal.politica take a nasty turn

 

[k1976]

Without Hardworking Jews and Gazaian 996 workforce....AMDK Intel goes belly up liao​

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Construction of Intel’s new $25B chip fab in Israel grinds to a halt​

by Mike Wheatley

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Intel Corp. has reportedly paused construction work at its new $25 billion semiconductor manufacturing plant in Kiryat Gat in Israel, according to local media reports.
Calcalist and several other news sites reported today that Intel has told a local infrastructure construction firm to halt work on the project indefinitely. In a statement to Reuters, Intel tacitly admitted the delay, but insisted it remains committed to Israel, where it employs almost 12,000 workers and owns several research facilities.
“Managing large-scale projects, especially in our industry, often involves adapting to changing timelines,” the company said. “Our decisions are based on business conditions, market dynamics and responsible capital management.”
Intel gave no clue as to how long it intends to keep construction on hold, but the mention of “capital management” indicates that it may be stalling while it determines the best way to fund the project going forward. Intel has ambitious plans to build out its chipmaking infrastructure globally, and those plans call for billions of dollars in investment.
The company can’t pay for everything by itself, and has instead gotten creative, working with private equity firms such as Apollo Global Management LLC and Brookfield Asset Management LLC to help fund some of its projects. It’s also relying heavily on government grants for a number of its projects.
Besides funding headaches, Intel may also have concerns regarding the ongoing conflict between Israel and Hamas, though this wasn’t mentioned in its statement.
The construction delay comes almost a year after Intel first confirmed its plans to expand its chip fabrication capacity in Israel. In June 2023 it revealed it would invest $25 billion on building a new chip wafer fab in Kiryat Gat. In December, it announced it had received a grant of $3.2 billion from the Israeli government to help with construction costs.
The Israel site is one of a number of new chip fabs Intel currently has under construction, with others located in the U.S., Germany and Ireland. The manufacturing capacity expansion is part of Intel Chief Executive Pat Gelsinger’s grand plan to return Intel to its status as one of the world’s most preeminent chipmakers. To date, it has committed to spending more than $100 billion to try to take on the world’s leading chip manufacturer, Taiwan Semiconductor Manufacturing Co.
Intel’s decision to pause work on the Kiryat Gat facility comes around 18 months after it canceled plans to build a high-end research and development complex in the Israeli city of Haifa.