Intel will invest another $600 mn in Israel to expand R&D and spent $10 bn on a new chip facility. The announcement was made the CEO Pat Gelsinger who elaborated that $400 mn will be invested to turn Mobileye unit headquartered in Jerusalem into an R&D campus for the development of autonomous vehicle driving tech. Balance $200 mn will go into building an R&D center, called IDC12, in the port city of Haifa. Intel’s “mega chip design” facility will create 6,000 jobs.
Toshiba’s CEO Nobuaki Kurumatani has resigned days after it received an acquisition offer from PE firm CVC Capital Partners which valued the Japanese firm 30% premium at around $20 bn. Kurumatani is also facing an independent investigation following the allegation that Toshiba investors were pressured into voting in favour of reappointing Kurumatani as CEO during the AGM last year. He will be replaced by Satoshi Tsunakawa, who was CEO prior to Kurumatani.
Facebook has spent $23 mn on the security of Mark Zuckerberg in the last financial year. Around $13.4 mn was spent on the security of his residences and while $ 10.4 mn during the pr security of Zuckerberg during travel. The security costs, as per the filing, comprised mostly of the $23 mn that the Facebook CEO received in 2020 in the form of compensations. Zuckerberg got an additional $10 mn pre-tax allowance to cover additional security costs.
CEO of Alphabet Inc.’s Waymo, the self-driving vehicle division, John Krafcik (59) has stepped down. He will be replaced by COO Tekedra Mawakana, and CTO Dmitri Dolgov, who will serve as co-CEOs. Mawakana, who held senior roles at AOL, Yahoo, EBay, was named COO in 2019. Dolgov had been CTO since 2016 and previously worked with Google and was a researcher at Toyota Research Institute, as per his LinkedIn profile.
Amit Chadha is the new CEO & MD of L&T Technology Services. Washington DC-based Chadha, before the elevation, was serving LTTS as Deputy CEO & Whole-Time Board Member. He joined the firm, having 16,000 people, in 2009 and was closely involved in the firm’s listing on stock exchanges in 2016. Amit, an Electrical & Electronics Engineer, has done his Global Business Leadership Executive Program with Harvard Business Publishing.
AWS CEO Andy Jassy in an email to employees said that Tableau CEO Adam Selipsky will replace him. Selipsky helped launch the AWS when he was hired in 2005, and then spent 11 years building the unit before taking the top job at Tableau. Selipsky will make his return to AWS on May 17th and spend a transitional time with Jassy. Salesforce bought Tableau in June 2019 for $15.7 bn and Selipsky was at the helm since then.
China’s Ant Group CEO Simon Hu has resigned amid a regulatory-driven overhaul of the fintech business. Hu, CEO of the Alibaba Group company since 2019, will be replaced by Executive Chairman Eric Jing. Hu’s exit is the first key management change since a scuppered $37 bn IPO. He was a key executive responsible for managing the company’s mega dual-listing in Hong Kong and Shanghai.
Accenture, in a report, said that boardrooms of banks lack tech expertise and digital knowledge despite the rise in digitalisation over the past few years. The report, based on the analysis of the professional experience of 2,000 directors of 100 of the world’s largest banks by assets, revealed that only 10% of all board directors and 10% of the CEOs of banks have professional tech experience. Accenture recommends that 25% of banks’ board directors should have tech experience.