Pat Gelsinger retires as CEO of Intel after poor company performance

Date:
Tue, 03 Dec 2024 10:00:00 +0000

Description:
After a troubling financial period, Intels CEO has stepped down after 40
years service to the company.

FULL STORY ======================================================================Pat Gelsinger retires as Intels CEO David Zinsner and Michelle Johnston Holthaus appointed interim co-CEOs Intels most recent quarterly revenue had dropped 6% as it undergoes restructuring efforts

After a near four-year stint as CEO of Intel, Pat Gelsinger has announced
that he stepped down as head of the company effective December 1, marking the end of four decades service to the company in high-ranking roles.

Gelsinger has also retired from Intels board of directors, leaving CFO David Zinsner and Intel Products CEO Michelle (MJ) Johnston Holthaus to take on the role of interim co-CEOs for the company.

The board, headed by independent chair and interim executive chair Frank Yeary, has now formed a search committee to find Gelsingers replacement. Intels CEO steps down

Yeary commented on Gelsingers departure: As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.

He added: With Dave and MJs leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital.

To many in the industry, the news has not come as a shock. Intels financial struggles have not been kept secret, with the company losing out to AMD,
which has been able to undercut Intel on core data center processors, and Nvidia, which established itself as a leader in the AI market.

The companys most recent quarterly revenue stood at $13.3 billion, marking a 6% year-on-year decrease. Gelsinger said Intel was acting with urgency to position the business for sustainable value creation moving forward. Zinsner added: The actions we took this quarter position us for improved
profitability and enhanced liquidity as we continue to execute our strategy.

Prior to his most recent tenure, which started in February 2021, Gelsinger served as VMwares CEO for more than eight years. He also spent 30 years between 1979 and 2009 as Senior VP and GM for Digital Enterprise Group at Intel, and another five years as CTO for the company between 2000 and 2005.

In a LinkedIn post , Gelsinger stated: Leading Intel Corporation has been the honor of my lifetime. The retired CEO has not indicated any plans for a
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Link to news story: https://www.techradar.com/pro/pat-gelsinger-retires-as-ceo-of-intel-after-poor -company-performance


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