A pedestrian walks past Intel Corp. at the entrance to the company’s headquarters in Santa Clara, California.
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Intel said on Monday that Venkat “Murthy” Renduchintala, Chipmacher’s chief engineering officer and group president of its technology, system architecture and client group, would resign on August 3.
The announcement suggests that Intel is rethinking various aspects of its operations as it relates to ongoing manufacturing difficulties to release the next generation of processors. In its Q2 Earnings Report on Thursday, Intel said it was behind the times in coming up with chips that use the 7-nanometer architecture, while competitor AMD already provides chips with transistors. CEO Bob Swan said Intel is evaluating whether it would make sense for other companies to start using chip casting, rather than relying solely on themselves.
The next day, Intel shares fell 16%, the biggest single-day drop since March 16. AMD stock rose nearly 17%. Intel decided to make changes that day, the company said in a filing.
Renducintala was allegedly seen as a potential replacement for Brian Krazych, who resigned from his role as CEO in 2018 in connection with a relationship with an employee.
He joined Intel from Qualcomm in 2015, where he spent nearly 12 years and was most recently Executive Vice President according to his LinkedIn profile. Intel initially put him in charge of its client and Internet of Things business and its system architecture group. In 2016 he sent a memorandum to other top leaders, in which he planned to address what he called “competitive gaps”.
In his most recent role, Renduchintala had leadership in technology, engineering and manufacturing.
“Their group brings together all of Intel’s key technology, engineering and manufacturing operations,” Intel said of Renducintala on its website. “These functions include semiconductor process technology, manufacturing and operations, systems and product architecture, IP development, design and systems-on-chip (SoC) engineering, software and security, and Intel Labs.”
He was among Intel’s highest-paid executives with $ 26,885,400 in total compensation for the year ended December 28, 2019, according to a filing.
Renducintala’s group is being divided into five, including the Technology Development Group led by Ann Callehr, which will work on bringing out 7-nanometer chips. She joined Intel in 1996. Intel is working to increase the diversity of its leaders.
Intel was determined on Friday, as the company saw Renduchintala’s role be eliminated, the company said
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