Another blow landed for chip stock Intel (INTC), as amid the ongoing string of firings and layoffs, one fairly highly-placed part of Intel’s operations quietly left. That person? The top strategy executive, and this is not at all a good look for Intel. Investors agreed, and Intel shares slid nearly 1.5% in Monday afternoon’s trading.
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A Reuters report noted that the loss this time was Intel’s leading strategy executive, Safroadu Yeboah-Amankwah—or Saf, as reports called him—decided to depart the company of his own accord, though no reason was mentioned as to why. A subsequent report from Intel said simply: “We are grateful for Saf’s contributions to Intel and wish him the best.”
Reports note that Saf’s work will be farmed out among the survivors, with new chief technology and AI officer Sachin Katti taking over some parts of the strategy functions. Saf reportedly was responsible for a wide range of achievements, including strategic partnerships, a set of growth initiatives, and some of Intel’s “equity investments.” The silence as to why Saf was departing, however, remains, and downright cacophonous at that.
Meanwhile, In Ireland, “Compulsory Redundancy”
But while one major figure left the company of his own accord, around 195 staff members at the Leixlip operation in County Kildare, Ireland, will not be able to say the same. Those staff members are subject to what reports called “compulsory redundancy,” and let go.
The reports submitted to the Department of Enterprise noted that the 195 figure was a “worst-case scenario,” which suggests that the actual number let go would likely be less than that. A “consultation process” has already begun, the reports noted. Further, calls immediately rose from Social Democrats, demanding a “plan” be established to “…support the up to 195 staff facing compulsory redundancy,” reports noted.
Is Intel a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 26.43% loss in its share price over the past year, the average INTC price target of $21.30 per share implies 5% downside risk.
