Intel CEO Pat Gelsinger retires, stock rises 5% in premarket trading

From Investing.com: 2024-12-02 09:19:09

Intel Corporation CEO Pat Gelsinger announced his retirement effective December 1, 2024. The news led to a 5% increase in Intel shares during premarket trading. CFO David Zinsner and new CEO Michelle Holthaus will serve as co-CEOs during the transition, with Frank Yeary as interim executive chair overseeing the search for a permanent successor.

Yeary highlighted Gelsinger’s contributions to Intel, emphasizing the focus on product innovation and manufacturing capabilities. Holthaus will lead Intel’s product groups, ensuring resources are allocated to meet customer demands. Gelsinger expressed gratitude for his time at Intel, acknowledging the company’s resilience amidst challenges.

Intel faces challenges in regaining manufacturing competitiveness and investor confidence. Holthaus and Zinsner aim to prioritize process leadership and maximize returns on foundry investments. Analysts view Gelsinger’s departure as a sign of fundamental deterioration, with concerns about product roadmaps and competition in AI. A new CEO will face a demanding task in a fast-paced innovation cycle.



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