Intel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus named as interim co-CEOs. Though demand for semiconductor chips has never been higher or more lucrative, Intel has struggled to match the success of its rivals.Gelsinger, whose career has spanned more than 40 years, also stepped down from the company’s board. He started at Intel in 1979 at Intel and was its first chief technology officer. He returned to Intel as chief executive in 2021. Intel said Monday that it will cond ...

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 ...

Chip giant Intel (INTC) will get a new CEO. The company on Monday said Pat Gelsinger has stepped down, effective yesterday, with Intel naming two interim leaders and starting its search for a permanent replacement. The stock was recently up about 4% in premarket trading. Intel said it named David Zinsner, its CFO, and Michelle "MJ" Johnston Holthaus, who has been given the new title of Intel Products CEO, its co-CEOs on an interim basis. Intel has already formed a search committee to find a permanent repla ...

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 ...

Core Insights - Intel Corporation faced a challenging quarter with a -6% decline in top-line revenue and multiple impairments affecting margins [1] - Despite these near-term challenges, management is focusing on positioning the company for modest growth and improved profitability [1] Financial Performance - The company reported a top-line decline of -6% [1] - Multiple impairments contributed to the decrease in margins [1] Management Strategy - Management is taking steps to position the organization for modest growth [1] - There is an emphasis on improving profitability despite current headwinds [1]

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 ...