Intel CEO Gelsinger sees company turnaround taking at least five years--report

• Intel (NASDAQ:INTC) Chief Executive Pat Gelsinger has been on the job only since February, but he is already planning on taking several years to get the semiconductor giant back on track.
• That was the theme that Gelsinger put across at an event at the Economic Club of Washington on Thursday, according to a report from the Wall Street Journal. Gelsinger, who came to Intel (INTC) after several years at the helm of VMware (NYSE:VMW) said that he was on "a five-year assignment to get all of that well and healthy again," in reference to fixing operations that fell by the wayside over the last several years.
• Among the steps that Gelsinger is taking is investing more than $100 billion in chip plants in order to make chips for other semiconductor companies, and rolling out new central processing chips every year until 2025.
• The Journal said that Gelsinger was upfront about how Intel's (INTC) issues wouldn't be solved overnight.
• "If you want to measure me on a quarterly basis, I fail," Gelsinger said. "If you want to measure me on a two-, three-, four-year basis of turning around an industry and an iconic company, that’s what I want to be measured against."
• Earlier this week, Intel (INTC) said that next year it would spin off Mobileye, its self-driving car technology business. That IPO is expected to value Mobileye at $50 billion or more.