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 for external clients. Gelsinger was firmly against breaking up the company, but the prolonged and expensive turnaround has tested shareholder patience, potentially forcing Intel to reconsider," Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada said in a note Monday. Meanwhile, in September, Intel's board considered several options, including the possibility of breaking up the company, following a dismal earnings report the previous month.

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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 …

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, 5 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 ruled tech. Now it’s in deep trouble
2 weeks, 5 days ago

Intel ruled tech. Now it’s in deep trouble

CNN  

New York CNN — When legendary former Intel CEO Andy Grove wrote his bestseller “Only the Paranoid Survive” in 1996 about how to predict tech inflection points that might undermine a business, the notion that his company might face such a risk was purely theoretical. Shannon Stapleton/Reuters Other rivals, like AMD, also stole market share in the PC business, as …

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 …

Are Intel’s problems too big to fix?
2 weeks, 6 days ago

Are Intel’s problems too big to fix?

Live Mint  

Pat Gelsinger’s quest to save Intel has come to an abrupt end. Much rides on their success as 18A is the final phase of Gelsinger’s plan to have Intel race though five so-called “nodes" in four years. “As the standard-bearer for the company’s ‘five nodes in four years’ guiding mantra, Mr. Gelsinger’s sudden departure leaves us unsure of the strategic …

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’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’s CEO Departure Opens Door to Fresh Deal Discussions
2 weeks, 6 days ago

Intel’s CEO Departure Opens Door to Fresh Deal Discussions

Live Mint  

-- The abrupt departure of Intel Corp. Chief Executive Officer Pat Gelsinger offers a fresh opportunity for the troubled company to consider potential deal options, including scenarios that he rejected during his time running the chipmaker. Splitting Factory and Product Divisions This would involve fully separating Intel’s factory business from the more profitable unit that develops products. It’s also unclear …

Intel CEO Pat Gelsinger's 'Bittersweet' response after being forced out
2 weeks, 6 days 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 Pat Gelsinger ousted after company's poor performance, board said resign or be fired
2 weeks, 6 days 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 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 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 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 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 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 …

Intel’s surprising move: Free coffee and tea return after massive cost-cutting
1 month, 1 week ago

Intel’s surprising move: Free coffee and tea return after massive cost-cutting

Live Mint  

Intel has announced the return of free coffee and tea at its work sites, reinstating a benefit that was cut last summer as part of the company's efforts to reduce its annual budget by $10 billion, according to an Oregonian report. In a message shared with employees via its internal platform, Circuit, Intel reportedly acknowledged the continued financial challenges but …

Intel stock surges on plans to make AI chips for Amazon and to turn foundry into subsidiary
3 months ago

Intel stock surges on plans to make AI chips for Amazon and to turn foundry into subsidiary

Associated Press  

Shares of Intel are surging before the market opens Tuesday after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business. CEO Pat Gelsinger said in a message to employees late Monday that Intel will create an AI fabric chip for Amazon’s cloud services division at …

Intel CEO to pitch board on plans to shed assets, cut costs, source says
3 months, 3 weeks ago

Intel CEO to pitch board on plans to shed assets, cut costs, source says

The Hindu  

Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a source familiar with the matter, as they try to revive the once-dominant chipmaker's fortunes. The plan will include ideas on how to shave overall costs by …

Intel facing ‘most difficult period in its 56-year history’, exploring options
3 months, 3 weeks ago

Intel facing ‘most difficult period in its 56-year history’, exploring options

Hindustan Times  

Intel Corp. is working with investment bankers to help navigate the most difficult period in its 56-year history, according to people familiar with the matter. {{^usCountry}} {{/usCountry}} Morgan Stanley and Goldman Sachs Group Inc., Intel’s longtime bankers, have been providing advice on the possibilities, which could also include potential M&A, the people said. A potential separation or sale of Intel’s …

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 …

Chipmaker Intel to cut 15,000 jobs as tries to revive its business and compete with rivals
4 months, 3 weeks ago

Chipmaker Intel to cut 15,000 jobs as tries to revive its business and compete with rivals

Associated Press  

Chipmaker Intel says it is cutting 15% of its huge workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. “Intel’s announcement of a significant cost-cutting plan including layoffs may bolster its near-term financials, but this move alone is insufficient to redefine its position in the …

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 Sees More Losses as PC Makers Sharply Cut Chip Buying In 2023
1 year, 10 months ago

Intel Sees More Losses as PC Makers Sharply Cut Chip Buying In 2023

News 18  

-Intel Corp said it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division. "We expect some of the largest inventory corrections literally that we've ever seen in the industry taking place that's affecting the Q1 guide in a meaningful way," Intel …

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 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 offers up factories to ease chip shortage
3 years, 8 months ago

Intel offers up factories to ease chip shortage

The Telegraph  

Intel is in talks with car makers to quickly produce bulk orders of computer chips within the next nine months in an attempt to remedy a shortage that has ground production to a halt. Pat Gelsinger, Intel's chief executive, told officials and business executives at a White House briefing on Monday that his company's new third-party manufacturing division could help …

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 …

Here’s what Intel’s new CEO must do to turn the company’s fortunes around
3 years, 11 months ago

Here’s what Intel’s new CEO must do to turn the company’s fortunes around

CNN  

New York CNN Business — Pat Gelsinger has a massive task ahead of him when he takes over as Intel CEO next month. “So the competition will continue to gain share at Intel’s expense.” Manufacturing challenges Intel is known for manufacturing its own chips — a distinction that was seen as a competitive advantage until the company fell off its …

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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