Reflections on a Year of Transformation

July marks my one-year anniversary at Intel. A year ago, I remarked on how excited I was to join such an incredibly talented team of experts. I’m just as enthusiastic today as I was then. As one of the few companies that both designs and fabricates leading-edge semiconductors, Intel focuses on fearless innovation creating technologies that improve lives around the world. What a thrill to be part of it.

It’s been a year of learning and leading. I want to share some of the highlights and look forward to where we are going.

• Meeting my team and experiencing the depth and breadth of talent. Our Legal, Trade and Government Affairs team supports all aspects of Intel’s global work. Having a world-class team of impressive minds closely aligned with Intel’s strategic vision is a gift. This past year, I had the opportunity to meet with teams in Arizona, Oregon, D.C., China, and of course my home site Santa Clara.

• Enabling IDM 2.0. This major evolution of our integrated device manufacturing (IDM) strategy includes significant manufacturing expansions, plans to become a major provider of foundry capacity in the U.S. and Europe, and expansion of Intel’s use of external foundries. My team worked diligently to accomplish critical milestones, including the passage of the U.S. CHIPS Act, an agreement with the German government to support Intel plans to build leading-edge manufacturing sites in Germany, and most recently working with the Polish government on our planned assembly and test facility in Poland. Our manufacturing expansion investments in the U.S. and Europe will help create a reliable, more resilient and globally balanced semiconductor supply chain.

• Participating in the Ohio site groundbreaking with President Biden. Our Ohio?fabs are projected to generate 7,000 construction jobs and 3,000 long-term positions in manufacturing and engineering. Intel’s Ohio Semiconductor Education and Research Program is bringing semiconductor-focused?education and workforce programs to build a skilled workforce. Ohio is my home state. Being part of a historic investment that creates a thriving industry where local talent can flourish is an amazing opportunity for any leader, but to have it happen in a place I love is particularly gratifying.???

• Facilitating Smart Capital. Intel’s Smart Capital approach pursues innovative ways to fund growth as we accelerate our IDM 2.0 strategy.?We signed an agreement with Brookfield to jointly invest up to $30 billion in expanding our manufacturing operations in Arizona. Intel retains majority ownership and operating control of the resulting leading-edge chip factories. Another strategy is an agreement to sell an approximately 20% stake in the IMS Nanofabrication GmbH business to Bain Capital Special Situations.?Bain Capital can bring a sharp focus to growth strategies for IMS’s multi-beam writers which play a key role in chip manufacturing. Another major strategy for funding growth was taking Mobileye public. The IPO raised over $860 billion. These types of deals provide financial flexibility as we move through the capital-intensive phase of IDM 2.0. I am immensely proud of these key transactions my team chartered in the past year.

• Immersing myself into the “lab and fab” of Intel. I have a special place in my heart for manufacturing. Being on the fab floor and meeting the people who are foundational to our success is always a banner experience.?A distinct highlight was suiting up and witnessing firsthand how we make our products.

I’ve chronicled many of my travels over the past year on my social media—yes, that is me in the bunny suit visiting our Oregon and Arizona fabs — so I’d like to talk about some of the overarching themes from this past year.

Navigating choppy waters

It would be remiss of me not to acknowledge the economic and political headwinds we have faced this past year. There have been choppy waters and we have faced challenges in the entirety of the value chain. I have been proud and energized by how my team has risen to the challenge. They are resilient and focused. They embrace our business priorities and deliver solutions and advice to keep us moving forward.

• IP and patent issues threatening innovation. Meritless patent infringement lawsuits backed by undisclosed financiers slow the progress of true innovation. Along with my government affairs and patent policy team, I met with congress members on both sides of the aisle to spotlight the need for greater transparency in these groundless lawsuits. I am hopeful that the conversations will lead to meaningful reform.
• Litigation wins. While we have seen a wide variety of litigation wins, several major wins in patent infringement cases speak to the importance of the patent reform issue. The U.S. Patent Office recently found that both of the patents underlying the “patent troll” VLSI $2.2 billion jury trial verdict against Intel were not patentable in the first place. The patent litigation team also succeeded in defeating two other major patent cases looking to claim billions in damages. It’s a step forward in the complex reform journey.
• Trade challenges. The supply chain disruptions during Covid highlighted the need to establish resilient global supply chains, from raw materials to products on shelves. As our manufacturing capabilities continue to expand, we continue to negotiate the global semiconductor ecosystem, ensuring Intel is complying with trade restrictions around the world.

Increasing diversity, equity, and inclusion

One of the reasons I joined Intel is the company’s commitment to DEI. I am proud to be part of a company committed to advancing the representation of women and underrepresented minorities in leadership and technical positions.

This past year offered many opportunities to meet many amazing Intel leaders contributing to our inclusive culture. The Intel Network of Executive Women (iNEW) and Black Network of Executive Women (BNEW) focus on improving the path for women leaders, including helping Intel achieve its gender diversity 2030 RISE goals. I was honored to join events with Intel’s Network of Intel African Ancestry (NIA) to commemorate Black History Month and Juneteenth. My time with our Employee Resource Groups – including Women at Intel Network (WIN), Intel Pride, and as an executive sponsor of the Intel Latinx Leadership Council (ILLC) – have shown me that Intel is serious about attracting, growing, and empowering a diverse workforce. It has also been gratifying hosting mentoring circles and coffee chats to connect with my team and provide a platform for intimate group conversations to help build our talent pipeline.

As I look across the many groups working towards the same goal, I am reminded of the power of allyship. I am committed to pushing the pace for advancing, promoting, and connecting diverse talent through all available avenues.

Ensuring good governance

A company with strong corporate governance messages to the market that the organization is well-managed and that the interests of all stakeholders are aligned. My role this past year as the corporate board secretary reinforced my belief that Intel leaders are fearless innovators who embrace our mission and values, and our shareholders believe in our board of directors.

This past year, I had the honor of hosting my first Intel Annual Stockholders’ Meeting. Our teams had the valuable opportunity to really engage with our stockholders, hear their feedback, and respond to their questions. It was inspiring to see stakeholders and leaders come together to strengthen our commitment to long-term growth through innovation and strategic investments.?

Staying focused on the business

Our legal, trade, and government teams are deeply embedded in every aspect of Intel’s business. We serve as advisors and partners providing strategies and advice on how to achieve our company goals. IDM 2.0 is transforming how we do business and the shift to an internal foundry service model has implications around financials, contracts, data, IP, and more. Our world-class team is there to support growth, mitigate risks, and remove roadblocks to Intel’s success.