Intel's Chief Executive Officer Pat Gelsinger has abruptly retired, stepping down from both his position and the company's board after less than four years at the helm.

Wall Street Journal

Guardian

Intel's Chief Executive Officer Pat Gelsinger has abruptly retired, stepping down from both his position and the company's board after less than four years at the helm.

The lead architect of Intel's 4th generation 80486 processor, introduced in 1989, and the youngest vice president in the company's history, Gelsinger was reportedly given the option to retire or be removed.

TechCrunch

Computerworld

The lead architect of Intel's 4th generation 80486 processor, introduced in 1989, and the youngest vice president in the company's history, Gelsinger was reportedly given the option to retire or be removed.

The company has named Executive Vice Pres. and Chief Financial Officer David Zinsner and newly-appointed Chief Executive Officer of Intel Products, Michelle Johnston Holthaus, as interim co-chief executives.

Nasdaq

The company has named Executive Vice Pres. and Chief Financial Officer David Zinsner and newly-appointed Chief Executive Officer of Intel Products, Michelle Johnston Holthaus, as interim co-chief executives.

Under Gelsinger's leadership, Intel's stock declined by 53%, while competitor Nvidia's value soared to $3.4T, making it 33 times the value of Intel's $104B market capitalization.

VentureBeat

Forbes

Under Gelsinger's leadership, Intel's stock declined by 53%, while competitor Nvidia's value soared to $3.4T, making it 33 times the value of Intel's $104B market capitalization.

Intel recently announced a 15% workforce reduction, affecting approximately 15K jobs, as part of a $10B cost-cutting plan to address declining revenues. The chip maker's revenue fell to $54B in 2023.

Intel recently announced a 15% workforce reduction, affecting approximately 15K jobs, as part of a $10B cost-cutting plan to address declining revenues. The chip maker's revenue fell to $54B in 2023.

Though Intel's revenue tumbled about one-third from when Gelsinger took over, the US Commerce Department awarded Intel $7.86B through the CHIPS Act to advance semiconductor manufacturing in Arizona, New Mexico, Ohio, and Oregon.

Reuters

Though Intel's revenue tumbled about one-third from when Gelsinger took over, the US Commerce Department awarded Intel $7.86B through the CHIPS Act to advance semiconductor manufacturing in Arizona, New Mexico, Ohio, and Oregon.

Wall Street Journal #

Guardian #

TechCrunch #

CNN #

Forbes #

Reuters #

There's a 40% chance that Nvidia will have the largest market cap in the world at the end of 2024, according to the Metaculus prediction community.

There's a 40% chance that Nvidia will have the largest market cap in the world at the end of 2024, according to the Metaculus prediction community.

Metaculus

Metaculus #

Will Nvidia have the largest market cap in the world at the end of 2024?

The leadership change represents a necessary step toward revitalization. Intel couldn't effectively compete in the artificial intelligence (AI) chip market and lost significant ground to rivals. The chipmaker requires fresh leadership to restore investor confidence and build improved semiconductors that can power the AI boom.

The leadership change represents a necessary step toward revitalization. Intel couldn't effectively compete in the artificial intelligence (AI) chip market and lost significant ground to rivals. The chipmaker requires fresh leadership to restore investor confidence and build improved semiconductors that can power the AI boom.

Intel Corporation

Intel Announces Retirement of CEO Pat Gelsinger

Investing.com

Intel CEO Pat Gelsinger retires, stock rises By Investing.com

The sudden, board-driven departure disrupts Intel's ambitious turnaround plan, including its strategy to become a major contract manufacturer and restore American semiconductor leadership. Gelsinger's abrupt departure potentially jeopardizes crucial initiatives and partnerships, which were showing early signs of progress.

The sudden, board-driven departure disrupts Intel's ambitious turnaround plan, including its strategy to become a major contract manufacturer and restore American semiconductor leadership. Gelsinger's abrupt departure potentially jeopardizes crucial initiatives and partnerships, which were showing early signs of progress.

Bloomberg

Bloomberg #

Intel Ceo Pat Gelsinger Retires Amid Chipmaker Turnaround Pla

New York Times

New York Times #

Intel CEO Pat Gelsinger Steps Down Amid Chipmaker’s Struggles

Annabelle Chih/Contributor/Bloomberg via Getty Images

Intel Chief Executive Gelsinger Steps Down

Annabelle Chih/Contributor/Bloomberg via Getty Images

Intel Chief Executive Gelsinger Steps Down

Computers & internet

Science & technology

United States of America

There's a 39% chance that Nvidia will have the largest market cap in the world at the end of 2024, according to the Metaculus prediction community.

There's a 39% chance that Nvidia will have the largest market cap in the world at the end of 2024, according to the Metaculus prediction community.

Videos

Apps

Intel Chief Executive Gelsinger Steps Down

Intel Chief Executive Gelsinger Steps Down

The Facts

The Spin

Metaculus Prediction

Sign up to our daily newsletter