Intel Foundry Services head will resign to 'pursue other opportunities'

What you need to know

• Randhir Thakur, Intel senior vice president and president of Intel Foundry Services, plans to resign.
• Thakur will stay with Intel throughout the first quarter of 2023 to ease the transition.
• Intel's goal is to become the world's second largest foundry by revenue by 2030, which would require passing Samsung.

Intel will have to find a new head for its foundry services. Randhir Thakur, who is currently a senior vice president at Intel and the president of Intel Foundry Services (IFS), will resign, according to The Register. Randhir "has decided to pursue other opportunities," according to the report. He will stay in his role throughout the first quarter of 2023 to ensure a smooth transition.

Intel confirmed the move to the Register and shared a statement:

"We're grateful to Randhir for the tremendous progress IFS has made and for laying the foundation for Intel to become a world-class systems foundry. We wish him all the best in his new endeavors."

A replacement for Randhir has not been announced, but Intel appears to be close to confirming its next IFS head. According to The Register, Intel CEO Pat Gelsinger sent out an email to employees promising more information "about the new leader," which implies that the company is close to naming one.

Intel Foundry Services began in 2021. The division, which has been spearheaded by Gelsinger, broadened the chipmaker's efforts by bringing in other companies as clients. Back in July 2021, Intel announced that both Amazon and Qualcomm would become clients of Intel Foundry Services.

Intel has major plans for its foundry services, including a $20 billion plan to expand its Arizona plant and a goal of creating the "largest silicon manufacturing location on the planet" in Ohio. The company plans to spend $70 billion in investment around the globe.

While Intel still has ambitious goals for its foundry services, it will first have to focus on finding a replacement for the segment's president. 

"Randhir has been a key member of the Executive Leadership Team for the past two and a half years and has served in several senior leadership roles since he joined us in 2017," said Gelsinger. He added, "his contributions to our [Integrated Device Manufacturing] 2.0 transformation are many, but most notable is his leadership in standing up our IFS business."

Earlier this year, Intel announced that it would purchase chipmaker Tower for $5.4 billion. Tower makes analog semiconductors that are used in the aerospace, automotive, consumer, defense, and medical industries. The Register reports that a major reason Thakur is staying on through Q1 2023 is to be there for the acquisition of Tower.

Analyst Patrick Moorhead suggested that Thakur will be succeeded by someone from Tower.