Intel's Pat Gelsinger departing chipmaker with millions in severance

Published On Dec 4, 2024, 9:33 PM

Pat Gelsinger has resigned as CEO of Intel, a company he served for over 30 years, with his departure coming amid struggles to compete against rivals like Nvidia and TSMC. His severance package is reportedly worth over $7 million, and he could receive additional bonuses depending on performance. Interim co-CEOs have been appointed while the search for a new permanent CEO begins. Gelsinger's exit signals ongoing challenges for Intel as it aims to restore its competitiveness in the semiconductor market.

Read full article

Stock Forecasts

INTCView INTC chart on TradingView

Negative

The departure of Gelsinger, who led the company during difficult times, may initially lead to uncertainty among investors. However, the immediate focus on finding a new leadership can attract potential investors if managed correctly. The interim leadership may stabilize operations in the short term, but the fundamental issues with competitiveness against rivals remain. Therefore, while initial reactions may vary, Intel's performance in the coming months will heavily depend on how effectively the new leadership can execute a turnaround strategy.

Related News

Intel Considers Outsiders for CEO, Including Marvell’s Head

Dec 3, 2024, 2:54 PM

(Bloomberg) -- Intel Corp.’s search for a new chief executive officer will focus heavily on outsiders, with the chipmaker considering candidates such as Marvell Technology Inc. head Matt Murphy and former Cadence Design Systems Inc. CEO Lip-Bu Tan, according to people familar with the situation. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe company has enlisted executive search firm Spencer

INTC
MRVL

Pat Gelsinger and Carlos Tavares had the same big problem: Morning Brief

Dec 3, 2024, 6:00 AM

So far, 2024 is pacing to have a record number of CEOs out of a job. This week, two big ones — from Intel and Stellantis — illustrated a key point: It's hard to keep your job when your stock is down big.

INTC
STLA

Stock market today: S&P 500, Nasdaq close at record highs as tech surges to kick off December

Dec 2, 2024, 4:00 PM

Investors are looking ahead to a week of labor data that could influence the scope of interest rate cuts.

AAPL
TSLA
STLA
INTC
SMCI
XLY