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Intel's CEO is stepping down as the stalwart American chipmaker has struggled to keep pace with the artificial intelligence revolution. The company announced Pat Gelsinger, who'd led the company since 2021 and logged more than 30 years in various positions with the chipmaker, had retired from the company effective Dec. 1. Intel shares have declined 61% since Gelsinger took over. This is a developing story. Please check back for updates.

Persons: American chipmaker, Pat Gelsinger, who'd, Frank Yeary, Gelsinger Organizations: American, Intel

☆ 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'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

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

☆ Intel has hired Morgan Stanley, other advisers for activist defense
▼ + stars: | 2024-08-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Intel is working with advisors including Morgan Stanley to help defend itself against activist investors, according to people familiar with the matter, as CEO Pat Gelsinger attempts to turn around the struggling chipmaker. While Intel has faced activist pressure in the past, no new campaign has been formally launched and it isn't clear if an activist investor has been in contact with the company's board. Morgan Stanley has previously worked with Intel, including in the company's 2022 spinoff of Mobileye . The sources with knowledge of Morgan Stanley's latest involvement asked not to be named due to confidentiality. Representatives for Intel and Morgan Stanley declined to comment.

Persons: Morgan Stanley, Pat Gelsinger, Morgan Stanley's, it's, Dan Loeb's, Frank Yeary, Camberview, Tan, — CNBC's Alex Sherman, Kif Leswing Organizations: Intel, Nvidia, Devices, Broadcom, Qualcomm, Texas, Wall

☆ Intel Names Longtime Director Frank Yeary as Board Chairman
▼ + stars: | 2023-01-24 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Intel Corp. said Monday that it appointed Frank Yeary as chairman of its board of directors, succeeding Omar Ishrak in the role. The semiconductor giant said that Mr. Ishrak decided to step down as chairman. A former chief executive of the medical device company Medtronic PLC, Mr. Ishrak will remain on Intel’s board as an independent director and serve on the audit and finance committee and corporate governance and nominating committee. He has been on Intel’s board since 2017.

☆ Intel Chairman Omar Ishrak steps down
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: 1 min

Jan 23 (Reuters) - Intel Corp (INTC.O) said on Monday Chairman Omar Ishrak had stepped down and the chipmaker appointed board director Frank Yeary as his replacement. Ishrak, who was named chairman in 2020, played an important role in bringing Pat Gelsinger as Intel's chief executive from VMware to drive change at the company, which is restructuring its business to catch up with rivals. Yeary, a director of Intel since 2009, also serves on the board of PayPal Holdings (PYPL.O), Intel's Mobileye (MBLY.O), and a number of private companies. Reporting by Chavi Mehta in Bengalur; Editing by Maju SamueluOur Standards: The Thomson Reuters Trust Principles.

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