Intel to separate Programmable Solutions Group as standalone business; plans IPO; appoints Sandra Rivera as CEO

INTEL CORP

Intel intends to separate PSG into standalone business effective Jan 1, 2024; plans IPO in 2-3 years retaining majority stake.
Sandra Rivera appointed CEO of PSG, continuing to lead DCAI until successor found; Shannon Poulin named COO.
Rivera receives base salary $900k, target bonus 150%, LTI equity ~$11.25M, and staking grants ~$25M in PSG equity.
Intel will report PSG as separate business unit in Q1 2024 financials; FPGA market expected to grow at >9% CAGR to $11.5B by 2027.

item 5.02 item 7.01 item 9.01

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Appointed

Sandra L. Rivera

Chief Executive Officer of Programmable Solutions Group

INTC · INTEL CORP

Effective: 2024-01-01
Filed: October 5, 2023, 7:59 PM ET

On October 3, 2023, Intel Corporation (“Intel”) announced that Sandra L. Rivera will assume the role of Chief Executive Officer of Programmable Solutions Group (“PSG”), an Intel standalone business, and the effective date of this transition (“Effective Date”) is anticipated to occur on January 1, 2024.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Sandra L. Rivera was appointed as Chief Executive Officer of Programmable Solutions Group at INTEL CORP.

Action: appointed
Role: Chief Executive Officer of Programmable Solutions Group

Exact text from the filing

On October 3, 2023, Intel Corporation (“Intel”) announced that Sandra L. Rivera will assume the role of Chief Executive Officer of Programmable Solutions Group (“PSG”), an Intel standalone business, and the effective date of this transition (“Effective Date”) is anticipated to occur on January 1, 2024.

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Source: SEC EDGAR

accession 0000050863-23-000092

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