Intel to separate its Programmable Solutions Group operations into a standalone business, starting on January 1, 2024
- Co announces its intent to separate its Programmable Solutions Group (PSG) operations into a standalone business. This will give PSG the autonomy and flexibility it needs to fully accelerate its growth and more effectively compete in the FPGA industry, which serves a broad array of markets, including the data center, communications, industrial, automotive, aerospace and defense sectors.
- Intel also announced that Sandra Rivera, executive vice president at Intel, will assume leadership of PSG as chief executive officer; Shannon Poulin has been named chief operating officer.
- Standalone operations for PSG are expected to begin Jan. 1, 2024, with ongoing support from Intel. Intel expects to report PSG as a separate business unit when it releases first-quarter 2024 financials.
- Over the next two to three years, Intel intends to conduct an IPO for PSG and may explore opportunities with private investors to accelerate the business's growth, with Intel retaining a majority stake.
- The two companies will remain strategically aligned, including continuing PSG's relationship with Intel Foundry Services (IFS), as they work together to address key areas of the FPGA market.