Intel Announces Retirement of CEO Pat Gelsinger



 Intel Newsroom:

SANTA CLARA, Calif., Dec. 2, 2024 – Intel Corporation (NASDAQ: INTC) today announced that CEO Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective Dec. 1, 2024.

intel-ceo-pat-gelsinger.webp

Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new CEO. Zinsner is executive vice president and chief financial officer, and Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX). Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition. Intel Foundry leadership structure remains unchanged.

The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger.



 Read more:

www.intel.com

Intel Announces Retirement of CEO Pat Gelsinger

David Zinsner and Michelle Johnston Holthaus named interim Co-CEOs. Holthaus also appointed to the newly created position of CEO of Intel Products. Frank Yeary named interim executive chair.
www.intel.com www.intel.com
 
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Too Late.
 

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I thought from the start that Gelsinger was underwhelming.
 

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It seems to me that the owners of Intel have decided to blame their company's lagging behind in matters artificial on him.
These morons don't even realize that AI is a complete nonsense (as they present it).
 

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Y'all know this old Texas woman goes with her gut and it's telling me Intel is in big trouble. They've had too many major "ouches" with their processors in recent years, as well as not being able to surpass, or at the very least, keep up with AMD. I've never owned anything in my life but Intel, but they ain't what they used to be IMO.

Signs of a company going under: (The last one on this list is a sign of pending doom)


  • SSD business and Dalian facility
    In 2021, Intel sold its SSD business and Dalian NAND memory manufacturing facility to SK hynix for $7 billion. The SSD business was transitioned to a new company called Solidigm, which is a subsidiary of SK hynix.


  • Arm stake
    In August 2024, Intel sold a $147 million stake in Arm, the chip designer.


  • Altera stake
    Intel is considering selling a minority stake in Altera, its programmable chip subsidiary. Intel previously acquired Altera in 2015 for $16.7 billion.


  • Foundry business
    Intel plans to spin its chip manufacturing operations into a subsidiary called Intel Foundry. Intel is open to taking on outside investors in the unit.

Intel's financial struggles have led to a number of other actions, including:


  • Laying off more than 15% of its workforce


  • Pausing fabrication efforts in Poland and Germany


  • Pulling back on plans for its Malaysian factory


  • Suspending its dividend
 

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