In what might come as a major blow to Intel bulls' hopes of seeing the company's fortunes revived, its CEO Pat Gelsinger - the architect of its foundry strategy - has called it quits.
To wit, Intel has just announced that Pat Gelsinger has resigned, effective the 01st of December, 2024.
In another aberrant development, Intel has announced two interim co-CEOs: David Zinsner and Michelle (MJ) Johnston Holthaus. The company went on to note:
"Zinsner is executive vice president and chief financial officer, and Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX). Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition."
In a critical tidbit, the company has also disclosed that its Foundry leadership structure will remain the same for the time being.
Do note that MJ has been permanently elevated to the post of CEO of Intel Products.
Meanwhile, Gelsinger termed this a "bittersweet" moment:
"Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together ..."
This development comes as Qualcomm has reportedly cooled off on its ambitions to buyout Intel. Those acquisition plans were reportedly complicated by the company's debt pile of $50 billion and potential antitrust concerns.
Meanwhile, the chipmaker has finally secured grants of $7.86 billion under the CHIPS Act. The award is intended to bolster Intel's plans for capacity expansion and advanced packaging units at sites in Arizona, New Mexico, Ohio, and Oregon.
At the time of writing, Intel's shares are up ~4 percent in pre-market trading, hinting at just how unpopular Gelsinger's tenure had become.
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