Intel has named Seok-Hee Lee as executive vice president of Intel Foundry, bringing in a heavyweight semiconductor executive as the company pushes to become a serious contract chipmaker.

Lee’s appointment adds another layer to the aggressive leadership overhaul Intel CEO Lip-Bu Tan has been orchestrating since taking the helm in March 2025. It also marks a homecoming of sorts: Lee spent 11 years at Intel as a principal engineer early in his career, earning three Intel Achievement Awards during that stretch.

A career that loops back to where it started

He became CEO of SK Hynix in December 2018 and went on to oversee the company’s approximately $9 billion acquisition of Intel’s own NAND and SSD businesses in 2020. In English: the guy who bought Intel’s memory division is now rejoining Intel to help build its foundry division.

After his time at SK Hynix, Lee moved to SK On, the energy subsidiary focused on electric vehicle batteries, where he served as president and CEO. He departed that role in late May 2026 following the restructuring of a joint venture with Ford, with Lee Yong-wook stepping in as his successor.

Intel Foundry’s leadership puzzle takes shape

In April 2026, Intel hired Shawn Han as senior vice president and general manager of Foundry Services, a role that became effective in May 2026. Naga Chandrasekaran, already serving as EVP, has also seen his responsibilities expanded within the foundry division.

What this means for investors

Intel’s stock has climbed more than 300% in recent months, a surge that reflects growing market confidence in the company’s turnaround strategy. The foundry business sits at the heart of that turnaround thesis.

Lee’s experience negotiating the $9 billion acquisition of Intel’s NAND business means he has intimate knowledge of Intel’s manufacturing culture, its strengths, and its weaknesses. He’s seen Intel from both sides of the table.