On December 1st, Pat Gelsinger left his position as CEO of Intel, where he had worked for 4 years.
Temporarily, the company will be managed by CFO David Zinsner and General Manager of Products M.J. Holthaus.
Since the beginning of the year, Intel’s stocks have fallen more than 52% — due to the company’s inability to maintain its core business and delays in catching the “artificial intelligence train”. In August, the company announced the layoff of about 15% of its global workforce as part of a $10 billion cost reduction. Benefits such as communication fees or transportation to work were also canceled for employees, as well as the provision of free fruits or coffee (temporarily here) in the offices.
Recall that a week earlier, Intel reached an agreement with the USA regarding receiving a grant of $7.86 billion under the CHIPS and Science Act program. Earlier, the company had declared that it was disappointed with this initiative, as it received no assistance over two years.
Meanwhile, Qualcomm, according to rumors, “lost interest” in a full acquisition of Intel due to the company’s huge debts, however, it is considering purchasing a separate business (likely the semiconductor manufacturing division).