On Monday, Intel Corp. (NASDAQ:INTC) announced that it has appointed a Donald Trump White House economic adviser to lead government affairs. The move comes months after the U.S. government took a 10% stake in the chipmaker.
Intel shares fell 0.79% during Monday’s regular trading session and declined another 0.37% in after-hours trading, according to Benzinga Pro.
Intel Appoints Trump Adviser to Key Washington Role
Intel said it has appointed Robin Colwell, a deputy assistant to Trump and deputy director of the National Economic Council, as head of its government affairs office.
The company also announced several additional leadership appointments as CEO Lip-Bu Tan, who took over in March, continues to reshape the company’s executive ranks.
In a statement, Tan called her experience “invaluable,” adding that her “rare ability” to navigate changing policy environments and deliver results that benefit businesses, policymakers and the communities they serve.
James Chew was named vice president of Intel Government Technologies, overseeing the chipmaker’s U.S. government business following the departure of longtime executive Christopher George.
Chew previously worked at Cadence Design Systems, where Tan once served as CEO.
Intel also appointed Annie Shea Weckesser, a former Cisco Systems (NASDAQ:CSCO) executive who previously worked at AI chip startup SambaNova Systems, as chief marketing and communications officer.
Pushkar Ranade, Tan’s chief of staff, was named interim chief technology officer after former CTO Sachin Katti left to join OpenAI.
See Also: Intel Eyes $1.6 Billion AI Chip Buy As It Takes On Nvidia’s Turf
Intel Reverses Networking Unit Spin-Off Plan
Earlier this month, Intel reversed plans to spin off or sell a stake in its Network and Edge Group, deciding instead to keep the business in-house.
The company said tighter integration across silicon, software and systems would strengthen its offerings in artificial intelligence, data center and edge computing.
As part of that decision, Intel reportedly ended talks with Ericsson about a potential investment in the unit.
CEO Ties Intel’s Turnaround To US Government Support
During Intel’s third-quarter earnings call, Tan publicly credited the Trump administration and federal government for supporting the company’s turnaround efforts.
Tan said Washington views Intel as a strategic asset, calling it the only U.S.-based semiconductor company with leading-edge logic research and manufacturing capabilities.
He added that accelerated government funding, alongside investments from companies such as Nvidia Corp (NASDAQ:NVDA) and SoftBank Group (OTC:SFTBF) (OTC:SFTBY), has been critical to Intel’s recovery.
Intel reported third-quarter revenue of $13.65 billion and adjusted earnings of 23 cents per share, both topping Wall Street estimates. Revenue rose 3% year over year, driven by gains in client computing, while data center and AI revenue edged lower.
Benzinga’s Edge Stock Rankings show a strong price trend across medium and long-term time horizons, even as the stock faces short-term weakness. Click here to see how Intel’s performance stacks up against industry peers and competitors.
Read More:
Photo Courtesy: Tada Images on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Recent Comments