THECEO di Intel Pat Gelsinger, at the helm since 2021 and with over 30 years of experience in various roles within the semiconductor giant, announced his training camp, effective December 1st. The news had an immediate positive impact on the title of the company, which is jumped 5% in pre-market, even though the shares have lost about 50% over the year.
“While we have made significant progress in regaining competitiveness in manufacturing and building the capabilities to be a world-class foundry, we know there is still much work to be done for the company and we are committed to restoring investor confidence,” he said. Frank Yeary, chairman of the board of directors of Intel, in a press release.
CEO Pat Gelsinger resigns: Intel focuses on recovery
Gelsinger's resignation comes at a crucial time for Intel, which is engaged in an ambitious turnaround plan to catch up with its technology peers. As part of that strategy, the company recently won a financing of 7,9 billions of dollars by government US within the chips act, intended to strengthen domestic semiconductor production.
Meanwhile, Intel has named two interim co-CEOs to lead the transition: David Zinsner, current cfp, and Michelle “MJ” Johnston Holthaus, who has been given the new role of CEO of Intel products. The company also announced the creation of a search committee to find a permanent replacement.
