News Intel CEO Pat Gelsinger retires, effective immediately — also steps down from BOD, two co-CEOs step in

[Admin]

Intel announced that CEO Pat Gelsinger will retire and has stepped down from the board of directors, effective immediately.

Intel CEO Pat Gelsinger retires, effective immediately — also steps down from BOD, two co-CEOs step in : Read more

 

[Marlin1975]

Seems more like a fall guy.
He came in and intel was a hot mess. They seem to be trying but it takes a long time to turn around not only design issues but the decades long manufacture issues he was handed.

Not saying he is faultless for intels current status. But 4 years is not a long time for the hand he was dealt.

 

[bill001g]

He should have just pretended he laid himself off for news headline purposes. At least this guy had a very technical background rather than being the clueless suits who run many companies.

 

[AndrewJacksonZA]

They didn't give him enough time. I agree with @Marlin1975 , I think he is being made the fall guy. The damage was done by the bean counter CEO.

 

[JarredWaltonGPU]

Seems more like a fall guy.
He came in and intel was a hot mess. They seem to be trying but it takes a long time to turn around not only design issues but the decades long manufacture issues he was handed.

Not saying he is faultless for intels current status. But 4 years is not a long time for the hand he was dealt.

Yeah, this is pretty alarming. Intel has been struggling with execution in a variety of ways since 2014. The architectures released in the past three years of Gelsinger being at the helm were mostly done and designed before he even got started. I'm not at all confident in Intel's ability to correct things with some other CEO instead of Pat, at least in the near term. It could be a decade or more to recover, if ever.

Pat has the right idea with Intel Foundry and chasing US gov't investments. The former should have happened a decade ago at least. That's how TSMC got ahead... that and consistent execution. But it's ironic that just as Intel floundered (refinements of 14nm for years), TSMC managed to do better.

 

[Notton]

— a strategy that the stock market often dislikes.

If they were in charge, they would sell off every asset Intel has for maximum profits, and you'd have nothing left but a hollowed out carcass in a few years. - Asset stripping.

 

[doomtomb]

I am saddened to hear his departure likely due to what we're seeing is Intel's too big to rapidly pivot. It's not even super clear what they are pivoting to: is it foundry, is it AI, which of these will save them and regain their former glory.

It's a passing of the torch. They have more in common with IBM than their actual competitors on the other fronts. Their best days were about Pentium I to Core i7 Nehalem/Sandy Bridge era. Were they supposed to jump on mobile? It's a shame Atom didn't work out.

 

[magbarn]

Don’t worry. They won’t hire anyone like Lisa Su. Instead they’ll get another Wharton/Jack Welch useless acolyte that’s only good for temporarily pumping up stock prices at the expense of the future.

 

[ezst036]

Pat has the right idea with Intel Foundry and chasing US gov't investments.

Good grief.

 

[YSCCC]

Although intel in recent years are struggling to retain their prior glory, and most products arn't technically competitive, yet it seems to me he's the one who took the lead in a hot mess trying to steer it in a right direction, while that direction need to burn through some time and a lot of cash, they kicked him off the boat before those investments have the time to materialize... in this wall street style management it seems it will be unlikely the chips act will work for them, only to feed the greedy board of directors

 

[EzzyB]

I honestly thought he was going to pull it off. I get that it is painful but what he had to do there was a huge task.

What is wrong with business today, literally all of them, is that stock price is more important than having a good business. We see it everywhere, chasing stock price instead of building a good, solid, profitable company is absolutely detrimental to consumers. Amazon was awesome, now it sucks, same for Netflix, Google, etc, etc. This unending chase to constantly grow and increase the stock price turns, good, respected companies into predators with their customers as the prey.

I think Gelsinger deserved a couple more years to see it through.

 

[heickel.ramadhan]

He is the decent Intel CEO for a decade, under his era Intel jump multiple node, Deliver alder lake, Raptor Lake, Meteor lake, Lunar lake, Arrow lake, got hand on dGPU, got into AI Accelerator, Delivering Non Skylake Xeon

He make intel stop paying dividend but in return during his short term the company deliver multiple thing that wasn't here during Skylake and 14nm +++++ era

If he wasn't around we probably get 10nm 12 core Skylake refresh these days

I guess the big Holding do not like this, Or they intentionally do this to make intel fall

 

[ohio_buckeye]

I’ve traditionally been an and guy but I want to see Intel succeed as well. We need competition and with them being an American company with their own foundries it just seems like it’s a good idea for them to stay around.

 

[artk2219]

I would put money on him being forced out over this being a voluntary departure. Its incredibly short sighted, and he's been replaced with a bean counter and a sales and marketing exec, I don't see this as a positive development. Maybe I'm wrong, hopefully I'm wrong, but i think things are now about to get even worse at Intel before they get better, if they don't run the ship into the ground first.

 

[why_wolf]

The board is more interested in stripping the company for parts than they are in building something that will last another 50 years. Typical Wall Street mindset.

They didn't even wait for the potential payout from Gelsinger's turn around work which would happen in the next year or two.

 

[phead128]

Pat Gelsinger: I'm betting the entire company on 18A.

<<Reuter reports 18A has low yields per BroadComm>>

Also Pat Gelsinger: Peace Out.

 

[blppt]

Seems more like a fall guy.
He came in and intel was a hot mess. They seem to be trying but it takes a long time to turn around not only design issues but the decades long manufacture issues he was handed.

Not saying he is faultless for intels current status. But 4 years is not a long time for the hand he was dealt.

Heck, with the tens of millions of severance he'll probably get, I'd sign up to be the fall guy any day of the week.

 

[gg83]

If they were in charge, they would sell off every asset Intel has for maximum profits, and you'd have nothing left but a hollowed out carcass in a few years. - Asset stripping.

Just like GE and Philips. Just names and lisencing at this point.

 

[DS426]

Hmm, yeah, I guess we'll see in time if he was made the fall guy. As others have said, 4 years isn't enough time to turnaround an advanced chip fab business, and even Pat's own baby -- Intel 18A -- hasn't reached fruition and therefore its [presumed] success won't be enjoyed under his command at the helm.

Stellantis' CEO also just stepped down, so quite a dramatic recent turn of events going into the end of 2024!

 

[leoneo.x64]

Mr Brian Krzanich did most of the damage. Pat was a tad better but very Intel-ish still. Intel needs to get their head out of the sand. They're like Apple and I think soon Apple will need to do it too

 

[spongiemaster]

Don’t worry. They won’t hire anyone like Lisa Su. Instead they’ll get another Wharton/Jack Welch useless acolyte that’s only good for temporarily pumping up stock prices at the expense of the future.

Lisa Su had basically nothing to do with AMD's turn around. While she was handed a company in worse financial shape than Intel, all the major components that turned the company around were already complete are well under way by the time she took over. All she had to do was not screw it up. Compared to Intel, AMD looks good. Compared to Nvidia, their other major competitor, Su looks like a complete failure. Gelsinger is forced out partially because Intel missed the AI bus? AMD was in a much better position to jump on the AI bus and completely missed it too.

This is a terrible day for Intel. I had high hopes Gelsinger had Intel on a plan that could lead to turning the company around. Now, I think we'll look back at this as the point that Intel began their death spiral. If the board sells off Intel's foundries and everything else worth anything, then it is over for Intel as a dominant market player.

 

[cyrusfox]

Culture is very hard to change. Pat made a lot of questionable bets and killed a lot of divisions himself.

Time for Intel to get lean and execute on core capability, winning back their own inhouse products and finding the ability to work with external customers.

 

[phead128]

Prediction: Intel will spin IFS into separate entity just like AMD did with Global Foundries spin off. IFS will abandon leading edge because the bean counters at private equity investors don't like the long time frame, costs, uncertainty, and secured customers just like GloFlo abandoned 7nm. Intel Products will be very lucrative by outsourcing designs to both IFS and TSMC. Intel investors gets a huge pay-day, US national security, meh who cares.

 

[Marlin1975]

Prediction: Intel will spin IFS into separate entity just like AMD did with Global Foundries spin off. IFS will abandon leading edge because the bean counters at private equity investors don't like the long time frame, costs, uncertainty, and secured customers just like GloFlo abandoned 7nm. Intel Products will be very lucrative by outsourcing designs to both IFS and TSMC. Intel investors gets a huge pay-day, US national security, meh who cares.

I think the latest Fed chip act money blocks them from doing so. But with republicans taking over they may let them if there is some grift to be had.

 

[Roland Of Gilead]

Gelsinger is forced out partially because Intel missed the AI bus? AMD was in a much better position to jump on the AI bus and completely missed it too.

The AI bus is careening down a hill! Poor sales of 'Copilot PC's' have both MS and Qualcomm wondering what to do next.

AI is at a very early stage, and whilst there are some neat tricks on phones and some of the chatbots, the 'AI' thing is only slowly gathering pace for general consumers. There just isn't that much interest in it.