Intel shakes up leadership, announces Pann as new foundry leader
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Intel (NASDAQ:INTC) announced several management changes on Tuesday, including Stuart Pann, who will head up the company's foundry business, replacing Dr. Randhir Thakur.
Pann, who previously was part of Intel's (INTC) corporate planning group, will report directly to Intel CEO Pat Gelsinger in the new role. He started his career at Intel and came back to the company in 2021 after having spent six years at HP.
"Intel Foundry Services is a critical pillar of our IDM 2.0 strategy, and itâs been exciting to watch it grow from an idea to an operating business with a world-class IP portfolio and significant customers in less than two years," Pann said in a statement. 
"I am committed to championing the interests of our foundry customers and to helping them take advantage of Intelâs leading-edge process technology and full stack of open systems foundry offerings so they can succeed in a world that demands ever more computing."
Intel (INTC) is trying to ramp up its foundry business, producing chips for other semiconductor companies, as it looks to transform itself and compete with Taiwan Semiconductor (TSM) and GlobalFoundries (GFS) in the space.
Dr. Thakur stepped down from his role as leader of Intel's (INTC) foundry business and will leave the company at the end of the month.
Additionally on Tuesday, Gelsinger said Raja Koduri, who was leading Intel's (INTC) initiative in graphic chips, would leave the company at the end of the month. 
Intel (INTC) shares fell more than 3% in mid-day trading on Tuesday, while Taiwan Semiconductor (TSM) and GlobalFoundries (GFS) both saw modest gains.
Last week, investment firm Susquehanna upgraded Intel (INTC) and two other semiconductor companies on belief that the "bottom" of the chip downturn has passed.