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From: rnsmth12/9/2021 9:28:44 PM
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INTC, from SA

Intel CEO Gelsinger sees company turnaround taking at least five years--report

Dec. 09, 2021 4:14 PM ET Intel Corporation (INTC) VMW By: Rex Crum, SA News Editor 77 Comments

Intel (NASDAQ: INTC) Chief Executive Pat Gelsinger has been on the job only since February, but he is already planning on taking several years to get the semiconductor giant back on track.

That was the theme that Gelsinger put across at an event at the Economic Club of Washington on Thursday, according to a report from the Wall Street Journal. Gelsinger, who came to Intel ( INTC) after several years at the helm of VMware (NYSE: VMW) said that he was on "a five-year assignment to get all of that well and healthy again," in reference to fixing operations that fell by the wayside over the last several years.

Among the steps that Gelsinger is taking is investing more than $100 billion in chip plants in order to make chips for other semiconductor companies, and rolling out new central processing chips every year until 2025.

The Journal said that Gelsinger was upfront about how Intel's ( INTC) issues wouldn't be solved overnight."If you want to measure me on a quarterly basis, I fail," Gelsinger said. "If you want to measure me on a two-, three-, four-year basis of turning around an industry and an iconic company, that’s what I want to be measured against.

"Earlier this week, Intel ( INTC) said that next year it would spin off Mobileye, its self-driving car technology business. That IPO is expected to value Mobileye at $50 billion or more.
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