Intel Corp. (NASDAQ:INTC) has appointed former SK Hynix and SK On chief executive Seok-Hee Lee as executive vice president of its contract chip-manufacturing business.
Intel Strengthens Advanced Packaging Strategy
In a statement, Intel said Lee will report directly to CEO Lip-Bu Tan and oversee advanced packaging, system integration, back-end technology development and back-end manufacturing.
“Lee will lead all advanced packaging, system integration, back-end technology development and back-end manufacturing,” the company said.
Intel Splits Manufacturing Leadership Roles
As part of the restructuring, Intel said Executive Vice President Naga Chandrasekaran will concentrate on front-end technology development and manufacturing, with a focus on accelerating production of the company’s 18A, 14A and future process technologies.
In a post on LinkedIn, Lee said, “Intel Foundry has a significant opportunity ahead, and I look forward to partnering with Naga and the entire Intel Foundry leadership team.”
The move follows several recent foundry initiatives.
In April, Intel hired former Samsung (OTC:SSNLF) foundry executive Shawn Han to support its manufacturing efforts.
The company also secured Tesla Inc. (NASDAQ:TSLA) as the first major customer for its next-generation 14A process, which is expected to enter mass production in 2029.
Apple Partnership Gives Intel Foundry Efforts A Boost
The leadership change follows President Donald Trump’s announcement that Apple Inc. (NASDAQ:AAPL) has agreed to work with Intel to design and manufacture chips in the U.S., potentially providing a major boost to Intel’s contract manufacturing business.
Notably, in August, the U.S. government invested $8.9 billion in Intel, purchasing 433.3 million shares at $20.47 each and securing a 9.9% passive ownership stake under the CHIPS Act and Secure Enclave initiatives.
Price Action: Shares of INTC surged 10.64% to close at $133.99 on Thursday and edged up another 0.13% to $134.16 in after-hours trading, according to Benzinga Pro.
According to Benzinga Edge Stock Rankings, Intel’s Momentum score sits in the 99th percentile, indicating strong price performance across short, medium and long-term periods.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Tada Images / Shutterstock
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