By Miguel Mike Medina
Photo: I-Hwa Cheng/AFP/Getty Images
Intel’s chief executive officer, Pat Gelsinger, retired effective immediately.
It’s not the way the 63-year-old wanted to end like this.
Gelsinger took over as Intel’s chief executive in February 2021. He returned to the company where he worked for decades, including as chief technology officer. He had left Intel for a stint as CEO of software giant VMWare.
David Zinsner, the company’s chief financial officer, and Michelle Johnston Holthaus, the chief executive of Intel Products, will serve as interim co-CEOs.
Intel has struggled this year. It’s a mess. Shares of the company fell 0.5%.
The stock has lost more than half of its value this year, and in November, it was replaced on the blue-chip Dow Jones Industrial Average index by Nvidia.
Nvidia is a competitor of Intel. Intel recently received an 8 billion dollar grant from the federal government as part of the CHIPS Act.
The $8 billion will go toward Intel’s factory-building efforts.
Intel has benefited from CHIPS tax breaks but has not yet received cash awards.
Let’s see what happens with Intel’s future under its new CEO.
Intel was founded in 1968 by Gelsinger.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com
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