7 sources·Business

Intel Ousts CEO Pat Gelsinger Amid Financial Struggles and Restructuring

Intel's CEO removal raises questions about the future of the company amidst strategic challenges and a significant severance package for Gelsinger.

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Updated: Dec 3rd, 2024, 10:10 PM ET

Summary

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Intel has ousted CEO Pat Gelsinger after a tumultuous four-year tenure marked by declining revenues, production delays, and lost market share. Gelsinger will leave with a severance package totaling at least $10 million. Under his leadership, Intel's stock plummeted more than 60%, and the company announced plans to lay off 15% of its workforce to cut costs. Analysts speculate about potential restructuring, including the separation of Intel's chip manufacturing operations, as the company struggles to compete effectively in the semiconductor market.

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