Intel Corporation (INTC.US) High-level shakeup: Three senior executives from the manufacturing business are about to retire

Three executives of the manufacturing division of Intel Corporation (INTC.US) are set to retire, as part of the restructuring implemented by the new CEO, Liwu Chen. On Tuesday, Intel Corporation informed its employees that Kaizad Mistry and Ryan Russell, both Vice Presidents of the Technology Development Group, will be retiring. Gary Patton, Vice President of the Design Engineering Group and former IBM executive, will also be leaving the company. Reports also mentioned that Intel Corporation discussed adjustments to the Technology Development Group responsible for manufacturing processes. According to sources, the company plans to reduce its manufacturing capacity planning team and cut some engineering teams. Last week, Intel Corporation announced plans to cut 15% of its workforce and reduce its global workforce to about 75,000 by the end of the year, as part of a comprehensive restructuring under Liwu Chen's leadership. It was also noted that Intel Corporation stated that its next-generation 14A manufacturing process depends on securing a new major customer, otherwise the development may be paused or terminated. In a memo accompanying the company's financial report release, Liwu Chen said, "The increasing capital costs for Intel Corporation's 14A are clear indicators that we need both Intel Corporation products and significant external customers to ensure an acceptable return on investment. I will only invest when I am confident in these returns." On Thursday, reports mentioned that Telefonaktiebolaget LM Ericsson Sponsored ADR Class B is in talks with Intel Corporation, with plans to invest hundreds of millions of dollars in its network and edge business (NEX). Before the news of a possible investment in the NEX spin-off business emerged, Intel Corporation confirmed last week its plans to spin off its network and communications business into a separate company.