Exclusive The head of Intel's revitalized contract chip manufacturing business plans to step down, The Register has learned, creating a setback for the x86 behemoth's big bet to take on Asian foundry giants TSMC and Samsung as part of its comeback plan.Randhir Thakur, senior vice president and president of Intel Foundry Services, "has decided to pursue other opportunities" but will continue to lead the business unit through the first quarter of 2023 to "ensure a smooth transition to a new leader," Intel CEO Pat Gelsinger said in an email to employees Monday that was seen by el Reg."Randhir has been a key member of the Executive Leadership Team for the past two and a half years and has served in several senior leadership roles since he joined us in 2017," Gelsinger wrote.®Updated to addIntel is expected to get a boost in foundry business through its pending $5.4 billion acquisition of Israeli chip manufacturer Tower Semiconductor, which specializes in making high-value analog semiconductor components for markets such as automotive, medical, industrial, consumer, and aerospace and defense.In its third quarter earnings release, the company said revenue fell 20 percent year-over-year and that it plans to make billions of dollars of cuts over the next few years."