<p>San Francisco: Over the weekend, <a href="https://www.deccanherald.com/tags/intel">Intel</a> CEO Patrick Gelsinger was given a choice by the company’s board of directors: Resign or be fired.</p><p>Intel’s board had concluded that Gelsinger had to depart after his plans to turn around the iconic semiconductor maker were not showing results quickly enough, said a person with knowledge of the matter, who was not authorized to speak publicly. Other challenges had piled up, with the company’s stock plunging more than 50% this year.</p><p>On Monday, Intel announced that Gelsinger had retired as of Sunday. The 63-year-old Intel veteran, who took the helm in 2021 after an 11-year absence from the company, also resigned from the board. He will be replaced for now by two executives, David Zinsner and Michelle Johnston Holthaus, the company said, adding that it would continue its search for a permanent CEO.</p>.Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms.<p>The abrupt change was the latest sign of the 56-year-old company’s fall from grace. Intel was one of the pioneers that gave Silicon Valley its name and for years was one of the world’s best-known tech names. But the company has been mired in recent years in innovation struggles and has ceded ground to rivals including Nvidia, the reigning maker of artificial intelligence chips.</p><p>“We have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, who will serve as interim executive chair on Intel’s board, said in a statement.</p><p>Gelsinger said in the statement that the move was bittersweet. “It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics,” he added.</p><p><em>Bloomberg</em> earlier reported some details of Gelsinger’s exit.</p>.Adani Group seeks to settle regulatory charge of shareholding violations: Report.<p>Intel’s struggles reached the point this year that Wall Street analysts began considering it a potential takeover candidate or a target for a breakup. The change also came amid signs that the company’s latest production process, a technology at the center of Gelsinger’s turnaround plan, might not restore Intel to a leadership position next year as he promised.</p><p>Intel, which makes chips that handle calculations in a majority of the world’s computers, lost its lead in developing manufacturing technology to Taiwan Semiconductor Manufacturing Co. toward the end of the last decade. It also missed out on supplying processors for mobile phones and, more recently, the booming market for AI applications.</p>
<p>San Francisco: Over the weekend, <a href="https://www.deccanherald.com/tags/intel">Intel</a> CEO Patrick Gelsinger was given a choice by the company’s board of directors: Resign or be fired.</p><p>Intel’s board had concluded that Gelsinger had to depart after his plans to turn around the iconic semiconductor maker were not showing results quickly enough, said a person with knowledge of the matter, who was not authorized to speak publicly. Other challenges had piled up, with the company’s stock plunging more than 50% this year.</p><p>On Monday, Intel announced that Gelsinger had retired as of Sunday. The 63-year-old Intel veteran, who took the helm in 2021 after an 11-year absence from the company, also resigned from the board. He will be replaced for now by two executives, David Zinsner and Michelle Johnston Holthaus, the company said, adding that it would continue its search for a permanent CEO.</p>.Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms.<p>The abrupt change was the latest sign of the 56-year-old company’s fall from grace. Intel was one of the pioneers that gave Silicon Valley its name and for years was one of the world’s best-known tech names. But the company has been mired in recent years in innovation struggles and has ceded ground to rivals including Nvidia, the reigning maker of artificial intelligence chips.</p><p>“We have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, who will serve as interim executive chair on Intel’s board, said in a statement.</p><p>Gelsinger said in the statement that the move was bittersweet. “It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics,” he added.</p><p><em>Bloomberg</em> earlier reported some details of Gelsinger’s exit.</p>.Adani Group seeks to settle regulatory charge of shareholding violations: Report.<p>Intel’s struggles reached the point this year that Wall Street analysts began considering it a potential takeover candidate or a target for a breakup. The change also came amid signs that the company’s latest production process, a technology at the center of Gelsinger’s turnaround plan, might not restore Intel to a leadership position next year as he promised.</p><p>Intel, which makes chips that handle calculations in a majority of the world’s computers, lost its lead in developing manufacturing technology to Taiwan Semiconductor Manufacturing Co. toward the end of the last decade. It also missed out on supplying processors for mobile phones and, more recently, the booming market for AI applications.</p>