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Intel Announces Retirement of CEO Pat Gelsinger
(www.intc.com)
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this post was submitted on 02 Dec 2024
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Wow, this is a really bad look for Intel. Gelsinger stepping down without Intel having a replacement! I always wonder when it doesn't say why a CEO is stepping down suddenly without warning.
It's notable that the announcement says nothing about Gelsinger having finished the part of the task he started on. It looks like they've lost confidence in Gelsinger (speculation). If that's true, it also means they've probably lost confidence in the entire rescue plan he started on?
This is a huge bombshell, and not very elegantly executed IMO. Not just effective immediately, but effective YESTERDAY!?
Yesterday was Sunday and the beginning of the month
Which means it was kind of effective Friday, either way it doesn't change that it is very sudden.
If this was done properly, it should have been announced Friday at the latest.
They would not want to break the stock game for their friends
What was I thinking? ๐
But their stock is actually up a bit today!