Intel execs finding new jobs

Bay Networks (BAY) today announced it hired Dave Shrigley, a marketing executive from Intel (INTC) who is the third official to leave the giant chipmaker in several weeks.

Shrigley, who will serve as Bay Networks' executive vice president of sales, service, and marketing, will join the company's new CEO David House, who left Intel late last month. House worked as senior vice president of the Intel's enterprise server group.

Carl Everett Sr., a senior vice president and cogeneral manager of Intel's desktop products group, also announced he planned to leave at the end of the year to spend more time with his family.

"This is not a trend. We view these departures as separate things," said Tom Waldrop, an Intel spokesman.

Analysts also said Wall Street is not too concerned about the recent moves by senior executives. "Intel has a strong bench [of management]," said Greg Mischou, an analyst with Alex Brown.

He added that Intel has a number of departments that are also run by comanagers--a system described as "two-in-a-box."