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Technology Stocks : Semi Equipment Analysis

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Dec 8 4:00 PM EST

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From: Julius Wong	12/2/2024 11:39:25 AM
	2 Recommendations of 95536

Gelsinger forced out at Intel after board lost confidence: report Dec. 02, 2024 11:32 AM ET By: Chris Ciaccia, SA News Editor Justin Sullivan/Getty Images News Additional details have to come to light regarding this morning's announcement that Pat Gelsinger had decided to retire as Intel (NASDAQ: INTC)'s Chief Executive Officer, as Bloomberg reported the 63-year-old was given two options: retire or be removed. Intel's board of directors lost confidence in Gelsinger's plan to turn the company around, the news outlet reported. The conflict was heightened last week after Gelsinger met with the board to discuss how to win back market share and narrow the gap between itself and Nvidia ( NVDA), the news outlet added, citing people familiar with the matter. He was then given the option to retire or be removed. Intel did not immediately respond to a request for comment from Seeking Alpha. Intel shares rose 5.2% in midday trading following the news of Gelsinger's departure from the semiconductor giant.

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