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Intel Corporation (NASDAQ:INTC), the semiconductor giant with a market capitalization of $107.28 billion, announced Monday that Michelle Johnston Holthaus, Chief Executive Officer of Intel Products, has notified the company of her decision to resign for Good Reason, as defined in her offer letter dated February 28, 2025. The notification was provided on Sunday. According to InvestingPro data, this leadership change comes as Intel shows strong momentum, with the stock delivering a 29.65% return over the past year.
According to a statement included in the company’s SEC filing, Ms. Johnston Holthaus has agreed to remain with Intel in a non-executive capacity through March 1, 2026, to assist with the transition process. Upon her departure on that date, she will be eligible for severance benefits under the Intel Corporation Executive Severance Plan, subject to the terms and conditions of the plan and in exchange for a release of claims in favor of Intel. The transition comes as Intel, which generates annual revenue of $53.07 billion, maintains a FAIR financial health score according to InvestingPro’s comprehensive analysis, with 12 additional ProTips available for subscribers.
Intel stated that the transition arrangement is designed to ensure continuity during the leadership change. No additional details regarding her successor or further organizational changes were provided in the filing.
The information in this article is based on a statement from Intel Corporation’s recent SEC filing.
In other recent news, Intel Corporation has announced several senior leadership changes, including the appointment of Kevork Kechichian as executive vice president and general manager of the Data Center Group. This move is part of Intel’s strategy to strengthen its core business and foster an engineering-focused culture. Additionally, Intel has filed a prospectus supplement with the Securities and Exchange Commission to register the potential resale of a warrant and up to 673,839,150 shares of its common stock by the United States Department of Commerce. This filing relates to a previous agreement between Intel and the Department of Commerce.
Intel has also amended its Direct Funding Agreement with the US Department of Commerce, resulting in the release of several prior obligations tied to federal support under the CHIPS Act. The amendment includes the removal of project milestone requirements and the sharing of cumulative free cash flow. Furthermore, Intel received $5.7 billion in grants from the CHIPS Act, which has been converted into the U.S. government’s stake in the company. Howard Lutnick has defended the Intel deal, emphasizing its alignment with capitalist principles, and noted that the Department of Commerce will soon issue blockchain statistics. These developments highlight Intel’s ongoing adjustments and financial activities in collaboration with the U.S. government.
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