{"id":1505528,"date":"2024-12-02T14:07:57","date_gmt":"2024-12-02T19:07:57","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1505528"},"modified":"2024-12-02T14:07:57","modified_gmt":"2024-12-02T19:07:57","slug":"intel-ceo-pet-gelsinger-retires-stocks-jumps","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/intel-ceo-pet-gelsinger-retires-stocks-jumps\/1505528\/","title":{"rendered":"Intel CEO Pet Gelsinger Retires, Stocks Jumps"},"content":{"rendered":"

Intel CEO Pet Gelsinger Retires, Stocks Jumps<\/span><\/p>\n

\n

Back in April, when Intel stock was in freefall and yet still about 50% higher than where it is today, we said that it was time for the company’s well-meaning if absolutely clueless CEO, Pat Gelsinger, to resign.<\/p>\n

Pat Gelsinger, it’s time pic.twitter.com\/I421ZwSV9c<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) April 25, 2024<\/a><\/p>\n

A few months later we followed up with an appeal that was pretty clear:<\/p>\n

*INTEL SUSPENDING DIVIDEND STARTING 4Q 2024
\n*INTEL ANNOUNCES $10B COST REDUCTION PLAN<\/p>\n

Someone. Fire. Gelsinger.<\/p>\n

\u2014 zerohedge (@zerohedge) August 1, 2024<\/a><\/p>\n

If only he had listened to us then, the once-iconic chipmaker would have been in a far better place today, and the outcome would still be the same because early on Monday Intel reported that Pat Gelsinger fired himself, <\/strong><\/em>when he and retired\u00a0from the company and stepped down from its board of directors just as the company is in the middle of trying to execute on a turnaround plan.<\/p>\n

Intel CFO David Zinsner\u00a0and Intel Products CEO\u00a0Michelle Johnston Holthaus\u00a0are serving as interim co-CEOs while the board searches for Gelsinger\u2019s replacement, the company said in a statement.\u00a0Frank Yeary, independent chair of the board of Intel, will serve as interim executive chair.<\/p>\n

Gelsinger\u2019s departure is hitting at a tumultuous time for the US chipmaker. Once the industry leader in computer processors, the company is now working to preserve cash to fund a turnaround plan \u2014 one Gelsinger called the \u201cmost audacious rebuilding plan\u201d in corporate history. The company has fallen out of investor favor amid a shift in the semiconductor industry toward artificial intelligence hardware. Companies are spending on computers built around accelerator chips for AI, an area where Intel\u2019s offerings have barely made a dent.<\/p>\n

\u201cWe know that we have much more work to do at the company and are committed to restoring investor confidence,\u201d Yeary said.<\/p>\n

\u201cAs a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them.\u201d<\/p>\n

It would have delivered for them long ago by firing Gelsinger, as the spike in the stock this morning makes abundantly clear.<\/p>\n

<\/a><\/p>\n

And now just find a willing buyer since the stock is trading at a 50% discount just to the SOTP liquidation value of the foundries.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 12\/02\/2024 – 09:07<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/intel-ceo-pet-gelsinger-retires-stocks-jumps<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Intel CEO Pet Gelsinger Retires, Stocks Jumps Back in April, when Intel stock was in freefall and yet still about 50% higher than where it…<\/p>\n","protected":false},"author":0,"featured_media":1505529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1505528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1505528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1505528"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1505528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1505529"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1505528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1505528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1505528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}