Shannon Poulin, a veteran of Intel with 25 years of experience and who served as the COO of Altera for the past year, recently announced his retirement from the company. This decision comes as Intel looks to sell a stake in Altera, its independent subsidiary, with plans for an initial public offering in the near future.
In a post on LinkedIn, Poulin expressed his excitement for the next chapter in his career after helping to guide Altera back on track towards becoming a standalone company once again. He highlighted the importance of collaboration in the technology industry and the relationships built with customers and partners using Intel/Altera products.
Altera, which was acquired by Intel for $16.7 billion in 2015, specializes in designing FPGAs (field-programmable gate arrays) that can be reprogrammed for various purposes, distinguishing them from standard CPUs and ASICs. Intel’s goal to spin off Altera into an independent subsidiary was announced over a year ago, with plans to sell a stake in the business and eventually conduct an IPO by 2026.
Poulin had been a key executive at Altera, serving as its No. 2 executive since Intel’s announcement of the spin-off plan. Prior to his role as COO, he held leadership positions in the Programmable Solutions Group, demonstrating a deep understanding of the business and the industry.
Despite a decline in revenue for Altera in Intel’s third-quarter earnings report, the FPGA business has shown signs of improvement, with growing revenue and profitability. Intel CEO Pat Gelsinger expressed confidence in Altera’s future prospects, noting the competitive roadmap and potential for continued growth.
The planned stake sale and IPO for Altera are part of Intel’s strategy to support Gelsinger’s comeback plan, which includes significant cost-cutting measures and job reductions. The need for additional funds became more urgent when Intel announced plans to reduce costs by $10 billion and cut over 15,000 jobs.
Sandra Rivera, who took on the role of Altera’s CEO during the spin-off announcement, reaffirmed Intel’s commitment to the planned stake sale and IPO. Despite rumors of a potential full sale of Altera, Rivera emphasized that the goal remains to sell a stake in the business and proceed with the IPO as planned.
Recent reports suggest that Intel is seeking to sell a minority stake in Altera, with estimates valuing the subsidiary at around $17 billion. Gelsinger reiterated Intel’s intention to move forward with the stake sale, with discussions already underway with potential investors expected to conclude in early 2025.
Overall, Poulin’s retirement marks a significant moment in Altera’s journey towards independence, with Intel’s support and strategic plans laying the foundation for the subsidiary’s future growth and success in the semiconductor industry.