CEO Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective Dec. 1, 2024.
and
The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger.
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!?
True, Stellantis has done extremely poorly the past couple of years IMO. They have several brands that usually feature in the top 10 most sold car models here (Denmark). But currently they have zero models even in top 20. Their EV cars are underwhelming generally offered with too small batteries, and are almost complete failures in the market. There have been some seriously wrong administrative decisions at the top.
Some of the same can possibly be said about Intel, except Intel was already in trouble when Gelsinger took over, and he is still working on the plan he set out to execute. Switching him out now looks really bad. Of course it may be they have to, disregarding how it looks.
With Stellantis it seems more the logical thing to do. Because Stellantis is bleeding, and losing market share fast.
Edit:
Huge difference with Stellantis is that they are quite open about the performance of the company has been poor, and that’s the reason he retires abruptly.
Isn’t stellantis Chrysler? Listen I’m not a betting woman, but I feel like betting against Chrysler has been safe for most of my life, no matter how much I loved the 300M I inherited as a teenager.
Yes Chrysler is part of Stellantis, and once upon a time, way way back in what has since been called the 80’s, Chrysler was near bankrupt, but a savior came to Chrysler with the name Lee Iacocca. The mastermind behind Ford Mustang. And he came to Chrysler and saw all that was bad and fixed it. He undertook to finish a bold new type of car in the Dodge Caravan, which became hugely successful and saved Chrysler. Chrysler went on to become so successful they were even able to buy up other brands like AMC that also owned Jeep.
Ah well, as a European I know little about Chrysler today, but I have fond memories of once admiring mostly everything American, and Lee Iacocca and Jack Tramiel are probably the two business leaders I respect the most of all time.
Sorry to hear Chrysler is now considered safe to bet against. But sadly Stellantis has been shit for some years now.
Stellantis has many traditionally popular European brands, like Citroen, Peugeot, FIAT, Opel (Vauxhall in UK), Alpha Romeo and Lancia. And AFAIK all the brands are doing poorly.
Absolutely, AMD was able to make Ryzen on the brink of bankruptcy, I fully expected Intel to make a comeback, with all the resources at their disposal.
But instead it’s been a long string of failures and at most half successes since 2016.
I have a bit of AMD stock, but still I don’t really want to see Intel fail.
and
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!?
Stellantis CEO just abruptly quit yesterday or day before too.
True, Stellantis has done extremely poorly the past couple of years IMO. They have several brands that usually feature in the top 10 most sold car models here (Denmark). But currently they have zero models even in top 20. Their EV cars are underwhelming generally offered with too small batteries, and are almost complete failures in the market. There have been some seriously wrong administrative decisions at the top.
Some of the same can possibly be said about Intel, except Intel was already in trouble when Gelsinger took over, and he is still working on the plan he set out to execute. Switching him out now looks really bad. Of course it may be they have to, disregarding how it looks.
With Stellantis it seems more the logical thing to do. Because Stellantis is bleeding, and losing market share fast.
Edit:
Huge difference with Stellantis is that they are quite open about the performance of the company has been poor, and that’s the reason he retires abruptly.
It might be bad but their stocks went up significantly today…
Intel’s stock, not Stellantis they are down bad.
Wow, so an unknown is better than Gelsinger!!
Isn’t stellantis Chrysler? Listen I’m not a betting woman, but I feel like betting against Chrysler has been safe for most of my life, no matter how much I loved the 300M I inherited as a teenager.
Yes Chrysler is part of Stellantis, and once upon a time, way way back in what has since been called the 80’s, Chrysler was near bankrupt, but a savior came to Chrysler with the name Lee Iacocca. The mastermind behind Ford Mustang. And he came to Chrysler and saw all that was bad and fixed it. He undertook to finish a bold new type of car in the Dodge Caravan, which became hugely successful and saved Chrysler. Chrysler went on to become so successful they were even able to buy up other brands like AMC that also owned Jeep.
Ah well, as a European I know little about Chrysler today, but I have fond memories of once admiring mostly everything American, and Lee Iacocca and Jack Tramiel are probably the two business leaders I respect the most of all time.
Sorry to hear Chrysler is now considered safe to bet against. But sadly Stellantis has been shit for some years now.
Stellantis has many traditionally popular European brands, like Citroen, Peugeot, FIAT, Opel (Vauxhall in UK), Alpha Romeo and Lancia. And AFAIK all the brands are doing poorly.
Yeah Chrysler shit the bed in the 00s and has more or less just been there for a while now
Maybe Lisa Su goes to Intel 🙃
Maybe intel gets absorbed into amd after Lisa Su becomes ceo.
IDK if that’s meant as a joke, but I don’t see a single reason why she would do that. She is doing very well at AMD, and the pay is better at AMD.
Intel is receiving massive subsidies. If you think about it it is miraculous they managed to lose so hard to AMD with all those subsidies.
Absolutely, AMD was able to make Ryzen on the brink of bankruptcy, I fully expected Intel to make a comeback, with all the resources at their disposal.
But instead it’s been a long string of failures and at most half successes since 2016.
I have a bit of AMD stock, but still I don’t really want to see Intel fail.
Pat came back to intel to help turn them around. I doubt he was planning to stay there.
I am pretty sure the plan wasn’t to quit at 63, at what looks like halfway through his plan.