Bloomberg has additional reports from relevant news sources following Intel’s announcement that Pat Gelsinger has retired from the CEO position and the company’s board immediately. The board expressed concern that Intel currently lacks products that can outperform competitors in the market, as well as the view that the strategy of receiving chip manufacturing from external customers, a key strategy of Gelsinger, was not pushed enough. Even though everything was going well according to his announced plans, the board suggested a change in CEO and asked Gelsinger to assist Intel for another period, but he declined, leading the board to make a decision between announcing his retirement or dismissing him, and he chose the former.
The major challenge for Intel from now on is who will be the new CEO amidst several challenges, reminiscent of the time when Bob Swan needed to be replaced, with many names being considered besides Gelsinger, such as Lisa Su, AMD’s CEO, and Stacy Smith, former Intel CFO and current Intel board member. The Intel board has appointed two interim co-CEOs, David Zinsner, former CFO from Micron, and Michelle Johnston Holthaus, a long-time Intel executive primarily responsible for the personal computer business.
Analysts believe that Intel may need to bring in an outsider as CEO and there is a high chance that Intel will need to readjust its company strategy once again due to the pressure from competitors vying for market share in the data center market, particularly NVIDIA.
TLDR: Bloomberg provides further insight into Intel’s recent CEO retirement and the challenges the company faces in finding a new CEO and adapting its strategy to compete in the market.
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