Intel on Friday announced it has welcomed former Qualcomm executive Venkata “Murthy” Renduchintala into the role of president of its newly created Client and Internet of Things (IoT) Businesses and Systems Architecture Group.
In his new position, Renduchintala will “align product design, engineering and business direction to tighten Intel’s strategy and speed execution across the communications, device and IoT segments,” the company said. Renduchintala has also been appointed as an executive officer of Intel Corporation.
Most recently, Renduchintala served as executive vice president of Qualcomm Technologies and co-president of Qualcomm CDMA Technologies, where he was responsible for leading the company’s semiconductor business in the computing, mobile and adjacent segments, Intel said.
The news follows comments from Intel CEO Brian Krzanich on Friday, who said the company will look to its Data Center, Internet of Things and Memory businesses to drive future growth on the foundation of its Computing business.
Though Intel in has struggled to compete with companies like Qualcomm in the mobile sector, Qualcomm has been facing its own troubles recently.
Earlier this month, Qualcomm posted fourth quarter revenues of $5.5 billion, a decrease of 18 percent year over year and six percent from the previous quarter. Operating and net income both dipped as well, marking a downward shift of more than 40 percent year over year in each category. The losses were partially attributed to a $975 million charge for an antitrust settlement with China’s National Development and Reform Commission, but the number of high-end MSM chip shipments also decreased 14 percent year over year and 10 percent sequentially.
In September, Qualcomm announced it laid off 1,300 employees in San Diego as part of a “Strategic Realignment Plan” to slash its workforce by 15 percent and trim $1.4 billion from its annual expenses. The move came after the company’s net income plummeted by 47 percent to just $1.18 billion while revenue fell 14 percent to $5.83 billion in the July quarter.