Intel’s Chief Executive Is Out Amid Chipmaker’s Struggles
The New York Times
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
Patrick Gelsinger, Intel’s chief executive officer, stepped down on Sunday in a surprise leadership change that reflected widening impatience with his flagging turnaround plan for the iconic Silicon Valley chipmaker.
Mr. Gelsinger, 63, an Intel veteran who took the helm in 2021 after an 11-year absence from the company, also resigned from the semiconductor maker’s board of directors. He will be replaced in the interim by two Intel executives, David Zinsner and Michelle Johnston Holthaus, the company said in a statement on Monday, adding that it would continue its search for a permanent chief executive.
Intel’s abrupt change was the latest sign of the 56-year-old company’s fall from grace. Intel was one of the pioneers that gave Silicon Valley its name and for years was one of the world’s best-known tech names. But the company has been mired in recent years in innovation struggles and has ceded ground to rivals including Nvidia, the reigning maker of artificial intelligence chips.
In particular, Mr. Gelsinger’s exit suggested that Intel’s board of directors had lost faith in his plan to restore the company’s growth and a stock price that had slumped 52 percent this year. The company said his departure was a “retirement.”
“We have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, who will serve as interim executive chair on the board, said in a statement.
Intel’s struggles reached the point this year that Wall Street analysts began considering it a potential takeover candidate or a target for a breakup. The change also came amid signs that the company’s latest production process, a technology at the center of Mr. Gelsinger’s turnaround plan, might not restore Intel to a leadership position next year as he promised.
Goldman Sachs will drop a demand that corporate boards of directors include women and members of minority groups as financial firms backpedal from D.E.I. promises.
When tech luminaries talk about their Christian faith, people listen.
Companies navigate a legal minefield as President Trump wages war on diversity programs, but they still have to guard against complaints of bias.
Existing American tariffs already restrict steel and aluminum shipments from China, which is now flooding other markets with its exports instead.
The president’s heavy-handed approach to traditional journalists has the hallmarks of an attempted crackdown 50 years ago.
Other big technology companies have been boisterous in their courtship of the new administration. But Nvidia and Microsoft have avoided the Washington spotlight.
After the arrival of a less costly A.I. model from China, U.S. markets and academics are wrestling with the ultimate economic value of the technology.
Dallas built its team’s identity around Luka Doncic, on the court and off. Now that he’s gone, some supporters no longer feel a connection to the franchise.
The employment data is forecast to show a strong labor market on the eve of the transition to the administration of President Trump.
The canal’s two biggest ports are operated by a Hong Kong company with global reach. The Trump administration sees a Chinese threat to U.S. security.
The distinctive domed building, turning 50 this year, is known for hosting the Super Bowl, but to locals, it’s also “the city’s living room.”
Black-owned brands got a foot in the door through accelerator programs at big retailers like Target and Amazon. Now they worry the door might be closing.
The trade deficit has long drawn the president’s ire. Now, he’s preparing to take it on again.