Publish: 14:50, 03 Dec, 2024

Intel CEO Gelsinger steps down amid struggles to regain chipmaking lead

Online Desk
Intel CEO Gelsinger steps down amid struggles to regain chipmaking lead
Resigned Intel leader Pat Gelsinger. Reuters File Photo

Intel announced on Monday that CEO Pat Gelsinger resigned after less than four years in the role, handing control to interim co-CEOs as the company seeks a permanent replacement. Gelsinger, who stepped down on Dec. 1, had led Intel through an ambitious, costly plan to reclaim its dominance in chipmaking—a position it lost to Taiwan Semiconductor Manufacturing Co. (TSMC).

Gelsinger, retiring after a 40-year career, also resigned from Intel’s board. He originally joined Intel in 1979 and served as its first CTO before returning as CEO in 2021. While Gelsinger reassured investors and U.S. officials that Intel's manufacturing turnaround was on track, the full results are expected next year, when the company plans to bring a flagship laptop chip back to its own factories.

Frank Yeary, Intel’s independent board chair, emphasized the company's commitment to regaining competitiveness and restoring investor confidence. Despite Gelsinger’s exit, Intel’s stock rose nearly 5% in premarket trading, though it has lost more than half of its value this year.

David Zinsner, Intel's CFO, and Michelle Johnston Holthaus, senior executive and CEO of Intel Products, will serve as interim co-CEOs while the board searches for a permanent leader.

Intel faces additional challenges, including the Biden administration’s decision to reduce part of Intel's $8.5 billion federal funding for chip plants. The cut stems from $3 billion Intel receives to produce chips for the military. Intel also recently announced plans to lay off 15,000 workers as part of its restructuring efforts.

Intel’s struggle to regain its footing comes amid increased competition from rivals like Nvidia and AMD. Unlike its competitors, Intel both designs and manufactures chips.

Source: Daily Sabah

Bd-pratidin English/ Jisan

More News
SpaceX set for seventh test of Starship megarocket
SpaceX set for seventh test of Starship megarocket
Musk, Bezos, Zuckerberg to attend Trump's inauguration
Musk, Bezos, Zuckerberg to attend Trump's inauguration
Explore Google Maps' Live View Feature for navigation in real time
Explore Google Maps' Live View Feature for navigation in real time
US SEC sues Musk, saying he didn’t disclose Twitter ownership on time
US SEC sues Musk, saying he didn’t disclose Twitter ownership on time
Indonesia to set social media age limit, following Australia’s example
Indonesia to set social media age limit, following Australia’s example
TikTok users flock to Chinese app RedNote as US ban looms
TikTok users flock to Chinese app RedNote as US ban looms
Lasers illuminate the intricate patterns on ancient tattoos of Peru’s mummies
Lasers illuminate the intricate patterns on ancient tattoos of Peru’s mummies
NASA to launch 'vacuum cleaner' tool for moon soil collection
NASA to launch 'vacuum cleaner' tool for moon soil collection
Blue Origin to attempt rocket launch again
Blue Origin to attempt rocket launch again
China mulls potential sale of TikTok US to Musk: Bloomberg
China mulls potential sale of TikTok US to Musk: Bloomberg
US announces new restrictions on AI chip exports
US announces new restrictions on AI chip exports
Billion-pound lawsuit against Apple over App Store opens in UK
Billion-pound lawsuit against Apple over App Store opens in UK
Latest News
Cabrera reappointed as national team head coach for one year
Cabrera reappointed as national team head coach for one year
1 hour ago | Sports
When the US had 2 presidents, 2 flags
When the US had 2 presidents, 2 flags
2 hours ago | International
Commission proposes 4-year bicameral parliament, 2-term PM limit
Commission proposes 4-year bicameral parliament, 2-term PM limit
3 hours ago | National
Govt to facilitate business, won’t engage in it: BIDA
Govt to facilitate business, won’t engage in it: BIDA
3 hours ago | Business
Land ministry’s updated server launched
Land ministry’s updated server launched
3 hours ago | National
Govt introduces market based interest rate for savings certificate
Govt introduces market based interest rate for savings certificate
3 hours ago | Business
Italy, Albania and UAE ink clean energy cooperation deal
Italy, Albania and UAE ink clean energy cooperation deal
4 hours ago | International
July mass killing trial could be completed before election
July mass killing trial could be completed before election
4 hours ago | National
Dhaka to urge Beijing for lower interest rates, extended repayment period
Dhaka to urge Beijing for lower interest rates, extended repayment period
4 hours ago | National
Report on cases against Hasina, Joy over plot scam on April 15
Report on cases against Hasina, Joy over plot scam on April 15
4 hours ago | National
Matiur's wife Laila Kaniz sent to jail
Matiur's wife Laila Kaniz sent to jail
5 hours ago | National
Talks likely with political parties over reforms in Feb: Rizwana
Talks likely with political parties over reforms in Feb: Rizwana
5 hours ago | National
Big syndicate involved in vehicle fraud: DMP
Big syndicate involved in vehicle fraud: DMP
5 hours ago | City
47 recommendations to free ACC from political, bureaucratic influence
47 recommendations to free ACC from political, bureaucratic influence
6 hours ago | National
Bangladesh needs global support for climate adaptation: France
Bangladesh needs global support for climate adaptation: France
6 hours ago | National
DMP files 2,085 cases for traffic rules violation
DMP files 2,085 cases for traffic rules violation
6 hours ago | City
RRP Agro Farms looking for Senior Technician
RRP Agro Farms looking for Senior Technician
6 hours ago | Business
Another cold wave approaches
Another cold wave approaches
7 hours ago | National
Trade in the hands of Bipu- Bobby 's friends and associates
Trade in the hands of Bipu- Bobby 's friends and associates
7 hours ago | Business
Malaysian High Commissioner pays courtesy call on Jamaat Ameer
Malaysian High Commissioner pays courtesy call on Jamaat Ameer
7 hours ago | National
Emma Reynolds replaces Tulip as UK City Minister
Emma Reynolds replaces Tulip as UK City Minister
7 hours ago | International
Norway, UK slam imminent Israeli ban on UNRWA
Norway, UK slam imminent Israeli ban on UNRWA
8 hours ago | International
Reform reports to shape new Bangladesh framework & charter
Reform reports to shape new Bangladesh framework & charter
8 hours ago | National
Govt prioritises gas exploration, extraction amidst crisis
Govt prioritises gas exploration, extraction amidst crisis
8 hours ago | National
'If we cannot deliver justice, we have no right to exist'
'If we cannot deliver justice, we have no right to exist'
8 hours ago | National
Anisul, Dipu Moni, 7 others shown arrested in fresh cases
Anisul, Dipu Moni, 7 others shown arrested in fresh cases
8 hours ago | National
Election pressure mounts
Election pressure mounts
8 hours ago | Special
60 dead at illegal S.African mine: Police
60 dead at illegal S.African mine: Police
8 hours ago | International
Suspected outbreak of Marburg disease kills 8 in Tanzania: WHO
Suspected outbreak of Marburg disease kills 8 in Tanzania: WHO
8 hours ago | International
Police reforms aim to ensure neutrality, says IGP
Police reforms aim to ensure neutrality, says IGP
8 hours ago | National
Most Read
Shakib Khan's ‘Dorod’ to release on iScreen
Shakib Khan's ‘Dorod’ to release on iScreen
11 hours ago | Entertainment
Cuba to free 553 prisoners after removal from US terror list
Cuba to free 553 prisoners after removal from US terror list
14 hours ago | International
Foreign investors allege investment hurdles in Bangladesh
Foreign investors allege investment hurdles in Bangladesh
14 hours ago | Business
Taskin makes it to Wisden's ODI team of the Year
Taskin makes it to Wisden's ODI team of the Year
11 hours ago | Sports
Former NBR official Matiur, wife arrested
Former NBR official Matiur, wife arrested
14 hours ago | National
Reform reports to shape new Bangladesh framework & charter
Reform reports to shape new Bangladesh framework & charter
8 hours ago | National
FBI reveals Joy’s lavish lifestyle in US
FBI reveals Joy’s lavish lifestyle in US
13 hours ago | National
Armanitola Govt High School spreads light for 120 years
Armanitola Govt High School spreads light for 120 years
11 hours ago | Special
Met office forecasts dry weather mainly over country
Met office forecasts dry weather mainly over country
11 hours ago | National
Ranbir Kapoor preps for ‘Dhoom 4’ with major transformation
Ranbir Kapoor preps for ‘Dhoom 4’ with major transformation
13 hours ago | Entertainment
US, Thailand sign civil nuclear cooperation agreement
US, Thailand sign civil nuclear cooperation agreement
13 hours ago | International
Trade in the hands of Bipu- Bobby 's friends and associates
Trade in the hands of Bipu- Bobby 's friends and associates
7 hours ago | Business
47 recommendations to free ACC from political, bureaucratic influence
47 recommendations to free ACC from political, bureaucratic influence
6 hours ago | National
Zia Orphanage Trust Case: Khaleda, Tarique, all others acquitted
Zia Orphanage Trust Case: Khaleda, Tarique, all others acquitted
13 hours ago | National
100 reserved seats proposed for women
100 reserved seats proposed for women
10 hours ago | Special
US House passes bill banning transgender students from women's sports
US House passes bill banning transgender students from women's sports
13 hours ago | International
'If we cannot deliver justice, we have no right to exist'
'If we cannot deliver justice, we have no right to exist'
8 hours ago | National
"Tulip should seek forgiveness from Bangladesh’s people"
"Tulip should seek forgiveness from Bangladesh’s people"
14 hours ago | National
Jason Roy expresses regret over national team exclusion
Jason Roy expresses regret over national team exclusion
12 hours ago | Sports
Biting cold batters Panchagarh, hits poor most
Biting cold batters Panchagarh, hits poor most
11 hours ago | National
Four reform commissions submit reports to CA
Four reform commissions submit reports to CA
11 hours ago | National
Liverpool comes up short against Forest as Man City’s fallibility returns
Liverpool comes up short against Forest as Man City’s fallibility returns
14 hours ago | Sports
Indonesia to set social media age limit, following Australia’s example
Indonesia to set social media age limit, following Australia’s example
12 hours ago | Tech
US SEC sues Musk, saying he didn’t disclose Twitter ownership on time
US SEC sues Musk, saying he didn’t disclose Twitter ownership on time
11 hours ago | Tech
US, Japan, South Korea issue joint warning on North Korea cryptocurrency theft
US, Japan, South Korea issue joint warning on North Korea cryptocurrency theft
14 hours ago | International
Market not coming under control
Market not coming under control
11 hours ago | Special
Thailand to overhaul surrogacy law for inclusivity, transparency
Thailand to overhaul surrogacy law for inclusivity, transparency
11 hours ago | International
Govt plans upgrading Dhaka-Ctg highway to 10-lane, DPP by June
Govt plans upgrading Dhaka-Ctg highway to 10-lane, DPP by June
10 hours ago | National
First shipment of 2,450 tonnes of rice from India arrives
First shipment of 2,450 tonnes of rice from India arrives
13 hours ago | Business
Government pledges to recover stolen money: CA press wing
Government pledges to recover stolen money: CA press wing
12 hours ago | National