Intel’s biggest-ever restructuring: Read the complete memo sent by CEO Pat Gelsinger to employees

Intel CEO Pat Gelsinger sent a note to employees on September 16, 2024, announcing a major restructuring of the company’s foundry business into an independent subsidiary. In the memo, Gelsinger emphasised the urgency of the situation, stating, “We need to fight for every inch and execute better than ever before. Because that’s the only way to quiet our critics and deliver the results we know we’re capable of achieving.” The restructuring aims to provide “clearer separation and independence” for Intel Foundry, including its own operating board and separate financial reporting.