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☆ Intel considers an outside CEO, taps headhunters, sources say
▼ + stars: | 2024-12-03 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

An outside CEO would break from tradition at the chipmaker, which has historically promoted from within. While Gelsinger was hired from VMware in 2021, he had spent decades at the company in roles of increasing seniority. Interim executive chair Frank Yeary and a board-level committee are overseeing the search for a new CEO, Intel disclosed in a regulatory filing, and the process remains in its early stages. Intel's board may opt for an internal promotion, and internal candidates could include CFO David Zinsner or Intel products chief MJ Holthaus, the interim co-CEOs. Gelsinger will receive roughly $10 million in severance, Intel disclosed in a regulatory filing.

Persons: Pat Gelsinger, Spencer Stuart, Tan, Gelsinger, Bob Swan, Swan, Marvell, Matt Murphy, Frank Yeary, David Zinsner, MJ Holthaus Organizations: Intel, VMware, Bloomberg, Reuters, Nvidia

☆ CNBC Daily Open: Investors are filled with the holiday spirit
▼ + stars: | 2024-12-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. $56 billion package for Musk deniedTesla CEO Elon Musk failed to get his $56 billion 2018 pay package reinstated. Crypto laws to pass 'quickly' in U.S. "We have the most pro-crypto Congress ever [in] history, we have an extraordinarily pro-crypto president coming into office," Shirzad told CNBC last week.

Persons: Carlos Tavares, Pat Gelsinger, David Zinsner, MJ Holthaus, Gelsinger, Elon Musk, Donald Trump, Faryar Shirzad, Shirzad Organizations: NYSE, The New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Intel, The, U.S . Federal, Traders Locations: New York City, Delaware, The U.S

☆ Intel shares slide as Gelsinger exit leaves chipmaker without a 'quick fix'
▼ + stars: | 2024-12-03 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Intel CEO Pat Gelsinger speaks while holding a new chip, called Gaudi 3, during an event called AI Everywhere in New York, Thursday, Dec. 14, 2023. Intel shares fell more than 5% on Tuesday, a day after the embattled chipmaker announced the ouster of CEO Pat Gelsinger, whose four-year tenure was marred by market share losses and a major miss in artificial intelligence. At the same time, Intel has refocused much of the company into becoming a foundry, manufacturing processors for other chipmakers. "A lot of the problems recently have been caused by the insistence on the foundry business," Chris Danely, an analyst at Citi Research, told CNBC's "Money Movers" on Monday. Danely added that "the clock started ticking on Pat" when the foundry business showed significant margin shrinkage over the summer.

Persons: Pat Gelsinger, Gaudi, David Zinsner, MJ, expeditiously, Gelsinger, Frank Yeary, Cantor, Bob Swan, Chris Danely, CNBC's, They're, Gelsinger's, —, Rohan Goswami, Kif Leswing Organizations: Intel, chipmaker, Nvidia, Devices, Citi Research Locations: New York

☆ CNBC Daily Open: Investors are filled with the festive spirit
▼ + stars: | 2024-12-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Wall Street bank just refreshed its list of global stocks, including three it gave potential upside of more than 40% . $56 billion package for Musk denied Tesla CEO Elon Musk failed to get his $56 billion 2018 pay package reinstated. "The holiday season is in full swing and spirits seem bright, at least among investors," UBS wrote in a Monday note.

Persons: Goldman Sachs, Elon Musk, Pat Gelsinger, David Zinsner, MJ Holthaus, Gelsinger, Jay Hatfield, —, Hatfield, Oppenheimer, John Stoltzfus, Savita Subramanian, Lisa Kailai Han, Alex Harring, Pia Singh Organizations: CNBC, Intel, Investors, Nasdaq, Dow Jones, UBS, Conference Board, downer, Investment, Bank of America Locations: Delaware

☆ In an all-hands meeting, Intel's new leaders emphasized outgoing CEO Pat Gelsinger's 'personal decision'
▼ + stars: | 2024-12-02 | by ( Helen Li | Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

AdvertisementIntel CEO Pat Gelsinger is out of the top spot after a challenging 4-year tenure. On Monday morning, Intel employees joined an all-hands meeting after receiving an email invite at 5 a.m. PT. Being CEO of Intel was Pat Gelsinger's dream since he joined the company as a teenager in 1979. But no one at the top has the technical expertise of Gelsinger, which Intel employees pointed out in their questions. No one has been a closer witness to this roller coaster than Intel employees, who have seen multiple waves of layoffs and buyouts.

Persons: Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, unravels ChatGPT, isn't, Pat Gelsinger's, Alvin Nguyen, Forrester, Gelsinger, Zisner, Holthaus, Intel's, Edward Jones, Said, Frank Yeary, Bernstein, Vivek Arya, Daniel Newman, Logan Purk, Pat, Emma, ecosgrove Organizations: Intel, Bloomberg, Department of Commerce, Nvidia, Gaudi, Bank of America

☆ Intel's CEO steps down as chip maker tries to restore investor confidence
▼ + stars: | 2024-12-02 | by ( Will Martin | ) www.businessinsider.com time to read: 1 min

AdvertisementIntel's longtime CEO Pat Gelsinger is stepping down, the company said in a statement Monday. Gelsinger leaves the chipmaker with immediate effect, vacating his role both as CEO and as a member of the board. AdvertisementTwo senior Intel executives, David Zinsner and Michelle Johnston Holthaus, will take interim charge during the search for a new CEO. Frank Yeary, Intel's chairman, thanked Gelsinger but said the company needed to restore investor confidence. AdvertisementIntel stock has almost halved this year, but rose 6% in premarket trading on Monday.

Persons: Pat Gelsinger, Gelsinger, David Zinsner, Michelle Johnston Holthaus, Frank Yeary, Yeary Organizations: Intel

☆ Intel CEO Pat Gelsinger Steps Down Amid Chipmaker’s Struggles
▼ + stars: | 2024-12-02 | by ( Danielle Kaye | Steve Lohr | ) www.nytimes.com time to read: +1 min

Intel’s chief executive officer, Pat Gelsinger, stepped down after nearly four years leading the semiconductor company, Intel announced Monday, a surprise leadership change as the chipmaker has struggled in recent months. Mr. Gelsinger, who took the helm in 2021, also resigned from the company’s board of directors. He will be replaced in the interim by two Intel executives, David Zinsner and Michelle Johnston Holthaus. Intel recently cut 15,000 jobs, and its revenue declined more than 30 percent from 2021 through 2023. Shares of Intel rose about 5 percent in premarket trading, before paring back some of those gains, after the company announced Mr. Gelsinger’s retirement.

Persons: Pat Gelsinger, Gelsinger, David Zinsner, Michelle Johnston Holthaus, Gelsinger’s Organizations: Intel, Nvidia

☆ Intel's CEO steps down as chipmaker tries to restore investor confidence
▼ + stars: | 2024-12-02 | by ( Will Martin | ) www.businessinsider.com time to read: +1 min

AdvertisementIntel's CEO Pat Gelsinger stepped down on December 1, the company said Monday. Intel's CEO Pat Gelsinger has stepped down, the company said in a statement Monday as the US-based chipmaker struggles to keep up in the global chip war. Gelsinger leaves the chipmaker with immediate effect, vacating his role both as CEO and as a member of the board. Frank Yeary, Intel's chairman, thanked Gelsinger and said the company needed to restore investor confidence. In 2012, he became CEO of cloud-computing firm VMWare, before returning to Intel as CEO in 2021.

Persons: Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, Frank Yeary, Gelsinger, Yeary Organizations: Intel, Nvidia, EMC, Dell, VMWare

☆ Stocks making the biggest moves premarket: Gap, Tesla, Stellantis and more
▼ + stars: | 2024-12-02 | by ( Pia Singh | In | ) www.cnbc.com time to read: +1 min

Gap — The clothing retail stock jumped 4.7% after JPMorgan upgraded shares to overweight. Stellantis – Shares sank 9% after CEO Carlos Tavares stepped down from his role at the automaker, effective immediately. The company cited "different views" between Tavares and the board of directors as the reason for the departure. Goldman also initiated Commercial Metals Company as a buy, though shares of that company were flat premarket. Hasbro -- The toy and game company's stock ticked up 1.7% as investors monitored the sales results around Black Friday.

Persons: Carlos Tavares, Tavares, Tesla, Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, Goldman Sachs, Mike Harris, Donald Trump's, Goldman, Stifel, —, Samantha Subin, Jesse Pound, Hakyung Kim nnd Sarah Min Organizations: JPMorgan, Intel, . Steel, —, Commercial Metals Company, Hasbro, Black Locations: Cleveland

☆ Stocks making the biggest moves midday: Super Micro Computer, Tesla, Intel, Stellantis and more
▼ + stars: | 2024-12-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Tesla — The electric vehicle stock gained more than 3% after a Roth MKM upgrade to buy from neutral. The firm cited President-elect Donald Trump's close ties with CEO Elon Musk as a positive catalyst for Tesla's brand. Gap — Shares of the clothing retailer moved nearly 7% higher after receiving an upgrade to overweight at JPMorgan. Analyst Mike Harris said both cyclical and structural factors, including Trump's views on trade, could aid earnings growth for the broader industry. Dana — The auto parts manufacturer surged 14% on the heels of Barclays' upgrade to overweight from equal weight.

Persons: Pat Gelsinger, David Zinsner, Michelle Johnston Holthaus, Tesla, Roth, Donald Trump's, Elon Musk, Stellantis, Carlos Tavares, Tavares, Goldman Sachs, Mike Harris, Goldman, Okta, Morgan, Morgan Stanley, Dana —, Yun Li, Sarah Min, Sean Conlon, Alex Harring Organizations: Intel, JPMorgan, Commercial Metals Company —, Metals, Barclays Locations: Cleveland, Commercial Metals Company — Cleveland

Intel announced Monday that CEO Pat Gelsinger had retired from the company effective Dec. 1, capping a tumultuous nearly four-year leadership 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. Gelsinger returned to the company from VMware, where he was CEO, to stabilize Intel in 2021, replacing then-CEO Bob Swan. Gelsinger set out an audacious plan when he arrived in 2021 to transform the languishing company into a chipmaking juggernaut. Intel revealed plans in September to turn the company's foundry business into an independent subsidiary, a move that would enable outside funding options.

Persons: Pat Gelsinger, David Zinsner, MJ Holthaus, Frank Yeary, Gelsinger, Bob Swan, — CNBC's Jordan Novet Organizations: Intel, EMC, VMware, Samsung, Taiwan Semiconductor Manufacturing Company, Nvidia, CNBC, Qualcomm Locations: U.S

☆ Jim Cramer says AMD stock is a buy on Intel's CEO shakeup — 'It's winning'
▼ + stars: | 2024-12-02 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

And the Club holding should continue to benefit from Intel's woes, including the leadership transition, Jim Cramer said Monday. "It will not help Intel," Jim said. For its part, AMD's nascent AI business is gaining traction, even if it's still dwarfed in size by Nvidia. AMD is "winning big business," Jim said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Pat Gelsinger, Lisa Su, Jim Cramer, David Zinsner, MJ, Jim, Gelsinger, Su, Ben Reitzes, Reitzes, It's, Jim Cramer's, David Paul Morris, Getty Images David Paul Morris Organizations: Intel, Devices, AMD, Morning, CNBC, Nvidia, Club, Wall, Devices Inc, Bloomberg, Getty Images, Getty Locations: Silicon Valley, San Jose , California

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