Investors are keeping a close eye on Intel after a few key executive departures appear to have caught the company by surprise!
Earlier this week, Intel said at Pat Gelsinger, who ran Intel's main division, and Bruce Sewell, Intel's top lawyer, plan to leave the company.
The departures appeared to catch Intel off guard. Gelsinger was scheduled to give a keynote speech next week at Intel's developer forum in San Francisco but now is headed to data-storage company EMC.
Sewell has been Intel's public face in its fight against allegations of antitrust abuse.
Intel revealed the resignations as it announced a big management restructuring in which three senior executives will assume more operational responsibilities, and CEO Paul Otellini will spend more time on corporate strategy.
But spokesman Chuck Mulloy said the departures were "independent of the organizational changes."
"We would have preferred that they both stay but understand their motivation for leaving," Mulloy said.
Is there a trade here?
Intel is dominant in the chip world and growing its market share, says Pete Najarian. I’m not concerned about the changes in management. I like this stock.
I own Intel, reveals Guy Adami. But the way it’s traded lately worries me. It’s gone down in a market that’s gone up.
I like Intel because a lot of their sales come from Asia, adds Tim Seymour. They’re growing in parts of the world where tech is exploding.