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December 3, 2024 1:11 PM

Intel CEO Gelsinger forced out after board lost confidence in turnaround plan

Intel Chief Executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement. Gelsinger, who resigned on Dec. 1, left after a board meeting last week during which directors felt Gelsinger's costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough, according to a person familiar with the matter...

August 2, 2024 11:33 AM

Intel to cut 15% jobs, suspend dividend in turnaround push

Intel said on Thursday it would cut more than 15% of its workforce and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround centered around its loss-making manufacturing business. It also forecast third-quarter revenue below estimates, grappling with a pullback in spending on traditional data center semiconductors and a focus on AI chips, where it lags rivals. Shares of Santa Clara, California-based Intel slumped 20% in extended trade, setting it up to lose...

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Last Updated: 22nd Dec 2024