CEO Intel, Pat Gelsinger, forced to retire after losing confidence in his plan to turn the company around in the board of directors. End of his nearly 4-year term, making this technology industry pioneer face more turbulence, as he was forced to step down, who the new successor will be is closely followed. (Background: Nvidia replaces Intel as a component stock of the Dow Jones Industrial Average; Intel Q3 reports the largest loss in history) On the 2nd, Intel, a major semiconductor manufacturer in the United States, announced that CEO Pat Gelsinger has retired from the company, effective from the 1st. CFO David Zinsner and Executive Vice President Michelle Johnston Holthaus will serve as interim co-CEOs during this period, and the board of directors will look for a successor to Gelsinger, with Chairman Frank Yeary serving as interim chairman. According to Bloomberg, sources revealed that Gelsinger met with the board of directors last week to discuss the progress of the company in regaining market share and narrowing the gap with Nvidia. As a result, the conflict between the two sides reached its peak, and he was asked to choose between retirement or dismissal. In the end, he chose to announce the end of his career at Intel. From savior to war criminal, Gelsinger was once seen as the savior of this chip giant. Three years ago, when he took office, he expressed his love for the company and promised to make Intel the leader in the semiconductor industry again. He started working at Intel from his teenage years but left in 2009 to become CEO of VMware. After his return in 2021, he promised to make Intel regain its lead in the manufacturing field after losing to competitors such as TSMC, but obviously, he did not achieve effective results, and the company's business became weaker. As for the stock price, Intel investors initially welcomed Gelsinger's departure, and the stock price rose by 6% at one point on Monday. However, the stock price fell back after the sentiment dissipated, closing down 0.5% at $23.93. The stock price has fallen by a cumulative 52% this year. The successor is still uncertain. Gelsinger tried to lead Intel to break through its traditional advantages in personal computers and server processors and enter the foundry field, something Intel has never done before, competing directly with TSMC and Samsung Electronics. As part of its revival strategy, Gelsinger formulated a plan that requires huge capital to expand Intel's factory network, including building a large chip factory in Ohio, which received federal funding from the CHIPS for America Act. In August, Intel announced a bleak second-quarter financial report, with many key indicators below analysts' expectations, the first time since 1992 that it stopped issuing dividends, and announced plans to lay off 15%. Then in early November, Intel announced its third-quarter financial report, with a quarterly loss of 16.6 billion U.S. dollars, setting a record for the worst loss in history. Gelsinger's successor will face the same problems he failed to solve, including the consequences of his predecessor's poor decisions. It may not be easy to find a successor. Before Gelsinger was appointed as CEO to replace former CEO Bob Swan, many Wall Street insiders speculated that some well-known executives could be candidates, such as suggesting contacting AMD CEO Lisa Su. At present, there is no obvious internal candidate for Intel. Rosenblatt Securities analyst Hans Mosesmann said: A new external CEO will take years to adapt, which is a daunting task given the current intense innovation cycle.
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CEO Intel, Pat Gelsinger, forced to retire after losing confidence in his plan to turn the company around in the board of directors. End of his nearly 4-year term, making this technology industry pioneer face more turbulence, as he was forced to step down, who the new successor will be is closely followed. (Background: Nvidia replaces Intel as a component stock of the Dow Jones Industrial Average; Intel Q3 reports the largest loss in history) On the 2nd, Intel, a major semiconductor manufacturer in the United States, announced that CEO Pat Gelsinger has retired from the company, effective from the 1st. CFO David Zinsner and Executive Vice President Michelle Johnston Holthaus will serve as interim co-CEOs during this period, and the board of directors will look for a successor to Gelsinger, with Chairman Frank Yeary serving as interim chairman. According to Bloomberg, sources revealed that Gelsinger met with the board of directors last week to discuss the progress of the company in regaining market share and narrowing the gap with Nvidia. As a result, the conflict between the two sides reached its peak, and he was asked to choose between retirement or dismissal. In the end, he chose to announce the end of his career at Intel. From savior to war criminal, Gelsinger was once seen as the savior of this chip giant. Three years ago, when he took office, he expressed his love for the company and promised to make Intel the leader in the semiconductor industry again. He started working at Intel from his teenage years but left in 2009 to become CEO of VMware. After his return in 2021, he promised to make Intel regain its lead in the manufacturing field after losing to competitors such as TSMC, but obviously, he did not achieve effective results, and the company's business became weaker. As for the stock price, Intel investors initially welcomed Gelsinger's departure, and the stock price rose by 6% at one point on Monday. However, the stock price fell back after the sentiment dissipated, closing down 0.5% at $23.93. The stock price has fallen by a cumulative 52% this year. The successor is still uncertain. Gelsinger tried to lead Intel to break through its traditional advantages in personal computers and server processors and enter the foundry field, something Intel has never done before, competing directly with TSMC and Samsung Electronics. As part of its revival strategy, Gelsinger formulated a plan that requires huge capital to expand Intel's factory network, including building a large chip factory in Ohio, which received federal funding from the CHIPS for America Act. In August, Intel announced a bleak second-quarter financial report, with many key indicators below analysts' expectations, the first time since 1992 that it stopped issuing dividends, and announced plans to lay off 15%. Then in early November, Intel announced its third-quarter financial report, with a quarterly loss of 16.6 billion U.S. dollars, setting a record for the worst loss in history. Gelsinger's successor will face the same problems he failed to solve, including the consequences of his predecessor's poor decisions. It may not be easy to find a successor. Before Gelsinger was appointed as CEO to replace former CEO Bob Swan, many Wall Street insiders speculated that some well-known executives could be candidates, such as suggesting contacting AMD CEO Lisa Su. At present, there is no obvious internal candidate for Intel. Rosenblatt Securities analyst Hans Mosesmann said: A new external CEO will take years to adapt, which is a daunting task given the current intense innovation cycle.