Intel CEO’s sudden exit: Pat Gelsinger to get $12 million as payout, firm’s regulatory filing shows
2 weeks, 6 days ago

Intel CEO’s sudden exit: Pat Gelsinger to get $12 million as payout, firm’s regulatory filing shows

Live Mint  

Pat Gelsinger, who recently resigned as CEO from the struggling US chipmaker Intel Corp, could get as much as $12 million as payout, the company’s regulatory filing showed on Tuesday. The severance payment would include $1.9 million as base salary for 18 months and 1.5 times his target bonus of $3.4 million, payable over 18 months, said the company. Two Intel executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.” Gelsinger's departure comes as Intel’s financial woes have been piling up.

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‘Praying, fasting for 100K Intel employees’: Ousted CEO Pat Gelsinger finds way to ‘support’ troubled workers
Trending News
1 week, 3 days ago

‘Praying, fasting for 100K Intel employees’: Ousted CEO Pat Gelsinger finds way to ‘support’ troubled workers

Hindustan Times  

Intel's former chief executive officer, Pat Gelsinger, reportedly resigned on December 1. Former Intel CEO Pat Gelsinger was forced out of the company in less than four years after taking the position. On December 2, the company announced Pat Gelsinger's retirement, adding that senior leaders David Zinsner and Michelle Johnston Holthaus will be the interim co-chief executive officers until the …

Fasting for future: Intel’s ousted CEO Pat Gelsinger finds novel way to help troubled 100k employees
1 week, 4 days ago

Fasting for future: Intel’s ousted CEO Pat Gelsinger finds novel way to help troubled 100k employees

Live Mint  

Former Intel Corp Chief Executive Officer Pat Gelsinger said he would pray and fast on December 12 for all 100,000 Intel employees as they navigate a difficult period. This week I'd invite you to join me in praying and fasting for the 100K Intel employees as they navigate this difficult period. According to a Reuters report, Intel Corp's board of …

Intel's Former CEO Pat Gelsinger Says He 'Fasts Every Thursday'. Here's Why
1 week, 4 days ago

Intel's Former CEO Pat Gelsinger Says He 'Fasts Every Thursday'. Here's Why

ABP News  

Pat Gelsinger, Intel's recently ousted CEO, has issued a heartfelt appeal, urging people to pray and fast in solidarity with the company’s 100,000 employees during a challenging period. Gelsinger’s departure comes after Intel’s board of directors decided to replace him, citing declining confidence in his leadership amid a turbulent year. Even after stepping down, Gelsinger has continued to defend Intel’s …

Mint Primer | CEO exits: Turning point or another blow for Intel?
2 weeks, 6 days ago

Mint Primer | CEO exits: Turning point or another blow for Intel?

Live Mint  

Once synonymous with semiconductor chips as “Intel Inside", the firm is struggling to regain its mojo after CEO Pat Gelsinger’s unexpected exit. Initially celebrated as the “saviour" of ailing Intel, Gelsinger’s abrupt retirement as CEO on 1 December saw the company’s stock rise 5.7% in intraday trading on Monday but close 0.5% lower. Gelsinger’s exit may slightly affect senior executives …

Intel CEO Pat Gelsinger breaks silence after being forced out by the company board
2 weeks, 6 days ago

Intel CEO Pat Gelsinger breaks silence after being forced out by the company board

Hindustan Times  

Pat Gelsinger, CEO of Intel, has been forced out of the chipmaking giant less than four years after taking the top job at the company. The Intel board told Gelsinger he could retire or be removed, and he chose to step down, news agency Reuters reported, quoting sources. Pat Gelsinger resigned as the CEO of Intel on December 1. I …

Intel’s troubles deepen, as its boss makes an abrupt exit
2 weeks, 6 days ago

Intel’s troubles deepen, as its boss makes an abrupt exit

Live Mint  

When Pat Gelsinger took over as Intel’s chief executive in 2021 he seemed to possess the same impatient mindset as his mentor, Andy Grove, a former boss of the chipmaker famed for declaring that “Only the paranoid survive". View Full Image Graphic; The Economist Mr Gelsinger’s ouster comes after the chipmaker posted a $16.6bn loss in its quarterly results last …

Intel CEO Pat Gelsinger's Exit Creates Room For Fresh Deal Discussions
Trending News
2 weeks, 6 days ago

Intel CEO Pat Gelsinger's Exit Creates Room For Fresh Deal Discussions

ABP News  

The sudden departure of Intel CEO Pat Gelsinger expected present a new opportunity for the struggling company to explore potential deal options, including those he previously dismissed during his tenure leading the chipmaker. However, Gelsinger opposed the idea of breaking up the company, focusing instead on his strategy to restore Intel's technological leadership and transform it into a contract manufacturer …

Intel’s CEO Pat Gelsinger's forced exit may lead to new discussions on chipmaker's sale to partners, rivals
2 weeks, 6 days ago

Intel’s CEO Pat Gelsinger's forced exit may lead to new discussions on chipmaker's sale to partners, rivals

Firstpost  

Under Pat Gelsinger as CEO Intel pursued some radical cost-cutting measures, including job cuts, paused plant construction in Europe, and a suspension of its dividend. However, a poor earnings report in August, including a surprise loss, pushed the board to consider more drastic moves Intel’s new leadership could bring a fresh perspective on partnerships and acquisitions. Image Credit: Reuters The …

Intel CEO Pat Gelsinger ousted after company's poor performance, board said resign or be fired
3 weeks ago

Intel CEO Pat Gelsinger ousted after company's poor performance, board said resign or be fired

India Today  

Intel CEO Pat Gelsinger, who resigned on December 1, after the board, reportedly frustrated, forced him to step down due to the company’s prolonged struggles to keep up with competitors like Nvidia and TSMC. The decision came after a tense board meeting last week, where Gelsinger outlined Intel’s plans to regain market share and compete with rivals such as Nvidia. …

Intel CEO Pat Gelsinger's 'Bittersweet' response after being forced out
3 weeks ago

Intel CEO Pat Gelsinger's 'Bittersweet' response after being forced out

India Today  

Intel Corporation’s Chief Executive Officer, Pat Gelsinger, has been forced to step down after the company’s board lost faith in his plans to revive the struggling chipmaker, reported Bloomberg. The board’s decision followed a tense meeting last week where Gelsinger discussed Intel’s efforts to regain market share and compete more effectively with rivals like Nvidia Corporation. Intel’s Chief Financial Officer, …

Intel CEO Gelsinger ousted as Board loses confidence in revamp strategy
Top News
3 weeks ago

Intel CEO Gelsinger ousted as Board loses confidence in revamp strategy

Live Mint  

Intel Chief Executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement. Gelsinger, who resigned on Dec. 1, left after a board meeting last week during which directors felt Gelsinger's costly and ambitious plan to turn …

Intel CEO Gelsinger retires; Zinsner and Johnston Holthaus named interim co-CEOs
3 weeks ago

Intel CEO Gelsinger retires; Zinsner and Johnston Holthaus named interim co-CEOs

Associated Press  

Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who also stepped down from the company’s board. “Pat spent his formative years at Intel, then returned at a critical time for …

Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure
3 weeks, 1 day ago

Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure

CNN  

CNN — Intel Monday announced CEO Pat Gelsinger has resigned after a difficult stint at the company. A company in transition Gelsinger stepped down as CEO and resigned from Intel’s board effective December 1, the company said Monday. He will be replaced by interim co-CEOs David Zinsner, Intel’s chief financial officer, and Michelle Johnston Holthaus, general manager of Intel’s client …

Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure
3 weeks, 1 day ago

Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure

CNN  

CNN — Intel Monday announced CEO Pat Gelsinger has resigned after a difficult stint at the company. A company in transition Gelsinger stepped down as CEO and resigned from Intel’s board effective December 1, the company said Monday. He will be replaced by interim co-CEOs David Zinsner, Intel’s chief financial officer, and Michelle Johnston Holthaus, general manager of Intel’s client …

Intel CEO Pat Gelsinger forced out in surprise move
3 weeks, 1 day ago

Intel CEO Pat Gelsinger forced out in surprise move

Al Jazeera  

The departure of Gelsinger, whose career spanned more than 40 years, underscores the turmoil at Intel. Intel chief executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering United States chipmaking icon searches for a permanent replacement. The resignation came after a board meeting …

Intel CEO retires as once-mighty chipmaker continues to struggle
3 weeks, 1 day ago

Intel CEO retires as once-mighty chipmaker continues to struggle

LA Times  

Intel CEO Pat Gelsinger speaks while holding a new chip, called Gaudi 3, during an event called AI Everywhere in New York on Dec. 14, 2023. Intel Chief Executive Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement. “As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working …

27,000 techies laid off across the globe in August, highest since January 2024
3 months, 2 weeks ago

27,000 techies laid off across the globe in August, highest since January 2024

Deccan Chronicle  

Hyderabad: The layoffs in tech companies has witnessed a surge in August, since January 2024. On August 1, Intel CEO Pat Gelsinger announced plans to cut around 15,000 jobs, representing 15% of its workforce. German chipmaker Infineon announced on August 5 that it would cut 1,400 jobs globally, with an additional 1,400 positions being relocated to countries with lower labor …

Intel lays off 15,000 employees. CEO says ‘painful but more tough days ahead’
4 months, 3 weeks ago

Intel lays off 15,000 employees. CEO says ‘painful but more tough days ahead’

Hindustan Times  

Intel CEO Pat Gelsinger informed employees that the company is cutting jobs in order to save money and reduce costs. Intel will announce a enhanced retirement offering for eligible employees and offer an application program for voluntary departures next week. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our …

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report
4 months, 3 weeks ago

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report

ABP News  

Intel Layoffs: Intel reportedly plans to cut thousands of jobs as part of a cost-cutting strategy to support the critical initiative of recovering from recent earnings declines and market share losses. Intel’s Chief Executive Officer Pat Gelsinger is investing heavily in research and development to improve the firm’s technology and restore its leading position in the semiconductor industry. Under Gelsinger's …

Intel shareholders reject compensation packages for top executives
2 years, 7 months ago

Intel shareholders reject compensation packages for top executives

The Hindu  

Intel Corp shareholders rejected compensation packages for top executives, including a payout of as much as $178.6 million to Chief Executive Officer Pat Gelsinger, a regulatory filing showed on Monday. About 1.78 billion votes were cast against executive compensation at the annual meeting, Intel said, though the vote is non-binding. The company said it had taken specific steps to address …

Intel CEO earned 1,711 times more than average company worker in 2021
2 years, 8 months ago

Intel CEO earned 1,711 times more than average company worker in 2021

Live Mint  

Intel Corp Chief Executive Officer Pat Gelsinger earned 1,711 times as much as the average worker at the U.S. chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday. Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020. Apple Inc CEO Tim …

Intel CEO earned nearly $180 million in 2021
2 years, 8 months ago

Intel CEO earned nearly $180 million in 2021

The Hindu  

Intel Corp CEO Pat Gelsinger earned 1,711 times as much as the average worker at the U.S. chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday. Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020. Gelsinger earned $178.6 million in 2021 …

Intel investing $20 billion in new US chipmaking plants as part of turnaround plan
3 years, 9 months ago

Intel investing $20 billion in new US chipmaking plants as part of turnaround plan

CNN  

New York CNN Business — Intel CEO Pat Gelsinger has only been on the job for about a month. Intel unveiled several major initiatives — including a $20 billion investment in two new US chipmaking facilities — aimed at reasserting its position as the undisputed leader of the semiconductor industry, a claim many experts have said the company lost in …

Incoming CEO wants Intel to again be ‘unquestioned leader’ in industry
3 years, 11 months ago

Incoming CEO wants Intel to again be ‘unquestioned leader’ in industry

CNN  

New York CNN Business — Intel investors and analysts got their first glimpse at incoming CEO Pat Gelsinger’s vision for the company during its earnings call on Thursday. Last month, activist shareholder Dan Loeb of Third Point wrote to Intel’s board chair urging the company to consider major changes, including whether to continue manufacturing its own chips. “I’ve had the …

Intel CEO Bob Swan to Step Down After Rough Stretch of 2 Years, VMware's Pat Gelsinger to Take Over
3 years, 11 months ago

Intel CEO Bob Swan to Step Down After Rough Stretch of 2 Years, VMware's Pat Gelsinger to Take Over

News 18  

Intel is replacing its CEO after only two years in what had been a rough stretch for the chipmaker. Bob Swan, who became the company’s chief executive in early 2019, will be replaced in mid-February by tech industry veteran Pat Gelsinger. The Santa Clara, California, company said Wednesday that the change in leadership is unrelated to its financial performance last …

Intel names Pat Gelsinger as new CEO and ousts Bob Swan
3 years, 11 months ago

Intel names Pat Gelsinger as new CEO and ousts Bob Swan

CNN  

New York CNN Business — Intel has named Pat Gelsinger as its new chief executive officer, replacing Bob Swan after a rocky two-year run. Swan was named Intel’s permanent CEO in January 2019 following the departure of its previous CEO Brian Krzanich, who was forced to resign in June 2018 because of a “past consensual relationship with an Intel employee.” …

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