Intel CEO Pat Gelsinger speaks at the Taipei Nangang Exhibition Center during Computex 2024 on June 4, 2024 in Taipei.
I-Hwa Cheng | AFP | Getty Images
Intel CEO Pat Gelsinger announced Monday that he is retiring from the company, effective Dec. 1.
Shares of Intel rose 5% in pre-market trading on Monday.
Gelsinger’s retirement comes a week after the Intel and CHIPS and Science Act offices Finalized $7.86 billion in grantsIt is slated to fund the company’s factory-building projects.
Gelsinger took over the struggling chipmaker in 2021 but the company has further deteriorated. Intel has been mired in extended decline due to loss of market share in its core businesses and inability to penetrate the artificial intelligence market. Shares of the company have fallen 52% year-to-date.
Intel revealed plans in September to spin off the company’s foundry business into one Independent subsidiaryA move to enable outside funding options. In August, Intel reported disappointing quarterly results, sparking its worst selloff in 50 years, and He said It will lay off more than 15% of its workforce as part of a $10 billion cost-cutting plan. CNBC reported that Intel had Engaged Consultants To defend itself against activist investors.
At the end of September, the news appeared Qualcomm Reached intel at approx Possible acquisition.
— CNBC’s Rohan Goswami and Jordan Novett contributed reporting.
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