Intel Chief Executive Pat Gelsinger retired on Sunday after a 40-year career at the company that has lately been marred by missteps that have enabled rivals to overshadow the once-dominant chipmaker.David Zinsner and Michelle Johnston Holthaus have been named co-CEOs as the board searches for a new chief executive, the company said Monday. Zinsner is executive vice president and chief financial officer at the company. Holthaus is the chief executive of Intel Products, which encompasses the company’s client ...

ToplineIntel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker.Intel CEO Pat Gelsinger delivers a speech in June.AFP via Getty Images Key FactsIntel’s CEO Pat Gelsinger retired effective immediately Sunday. David Zinsner, the company’s chief financial officer, and Michelle Johnston Holthaus, the chief executive of Intel Products, will lead th ...

Intel CEO Pat Gelsinger delivers a speech at Taipei Nangang Exhibition Center during Computex 2024, in Taipei on June 4, 2024.Intel announced Monday that CEO Pat Gelsinger had retired from the company effective Dec. 1, capping a tumultuous nearly four-year tenure at what was once America's leading semiconductor company but which saw its stock price and market share collapse under his tenure.Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as Intel ...

Advertisement Intel's median employee pay rose 4% in five years, lagging behind other tech firms.Other tech companies like Nvidia and Microsoft increased pay by at least 12%.Intel plans to cut $10 billion in expenses and expand chip factories with new CHIPS Act funding.Intel's median employee pay has only increased by 4% over the past five years, an analysis of annual proxy statements filed with the SEC showed.In comparison, other chipmakers and Big Tech companies like Nvidia, AMD, Qualcomm, and Microsoft ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Intel Corporation (NASDAQ: INTC ) experienced a challenging quarter with multiple impairments that pushed down margins on top of its -6% top-line decline. Despite the near-term headwinds, management is positioning the organization for modest growth and improved profitability. WithMichael Del Monte is a buy-side equity analyst with over 5 years of industry experience. Prior to working in the investment management industry, Michael spent over a decade in professional services working in industries that range ...

Key TakeawaysIntel and the Biden administration have agreed to terms for the chipmaker to receive up to $7.86 billion in CHIPS Act funding.The funding will support the expansion or building of new facilities across Arizona, New Mexico, Ohio, and Oregon.Intel will receive less than the initially announced reward in March, which was up to $8.5 billion, because of other existing defense contracts. Intel (INTC) and the Biden administration have finalized terms to an agreement that will see the chipmaker receive ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Advertisement Intel is getting $7.9 billion in federal grants from the Biden administration.The US Department of Commerce announced the grant, part of the CHIPS Act, on Tuesday.President-elect Donald Trump has criticized the CHIPS Act in favor of tariffs. Intel is receiving about $7.9 billion in federal grants, the US Department of Commerce said Tuesday, as the Biden administration finalizes CHIPS Act agreements ahead of Donald Trump taking office. It is more than $600 million less than President Joe Biden ...

According to media reports, the U.S. government is considering reducing Intel Corporation (INTC) 's federal chips grant under the CHIPS and Science Act from $8.5 billion to less than $8 billion. On the condition of anonymity, various sources associated with the proceedings observed that the decision was largely because Intel had procured a $3 billion contract from the Pentagon to produce chips for the U.S. military.Intel’s delay in some of its planned investments in chip facilities in Ohio might have also i ...