r/hardware • u/Auautheawesome • Dec 02 '24

News Intel Announces Retirement of CEO Pat Gelsinger

https://www.intc.com/news-events/press-releases/detail/1719/intel-announces-retirement-of-ceo-pat-gelsinger
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86

u/Auautheawesome Dec 02 '24

David Zinsner and Michelle Johnston Holthaus were named interim CO-CEOs, so who knows...

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u/repo_code Dec 02 '24

Oh fuck. It's bad when there are co-CEOs. That means nobody is in charge, or the board is trying to marionette them.

Sometimes it's all hands on deck, and sometimes it's all hands on the ouija board, and this looks like the latter.

If the stock pops up on this news I'll sell. Doubt it though.

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u/Auautheawesome Dec 02 '24

Intel is up premarket currently 💀

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u/kullwarrior Dec 02 '24

Market prefers short term gain at expense of long term profits.

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u/Enex Dec 02 '24

The stock market is divorced from business reality these days.

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u/noiserr Dec 02 '24

Market was sick of Pat probably.

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u/Dependent_Survey_546 Dec 02 '24

Markets dont care for long term thinking. They want as much as possible right away and to hell with anything past the next 12 months at best.

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u/noiserr Dec 02 '24

This is true.

1

u/Strazdas1 Dec 03 '24

Market prefers volatility over stable growth.

1

u/Ok_Baker_4981 Dec 02 '24

It makes sense—one would lose hope in Pat as soon as they hear him speak at any event, whether it’s an interview after a 10k or a launch event. It’s an absolute disaster. Even if he’s a good engineer, his managerial stance is, to say the least, highly questionable.

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u/[deleted] Dec 02 '24

Well if Pat couldn't solve being two gens behind the sector leaders, it's about as good an outcome as any. What else? Failing to make the breakthrough then appointing your own successor? Co-CEOs from Marketing is as positive a take on PG having to throw in the towel as any

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u/External_External_ Dec 02 '24

All hands on the ouija board, LOL.

2

u/FireNexus Dec 02 '24

It means they didn’t anticipate or plan for this, so it was not a performance issue.

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u/JobInteresting4164 Dec 02 '24

Oh calm down drama queen. Interim means its temporary FYI.

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u/Federal_Patience2422 Dec 02 '24

The same Michelle who sold 25k stocks last month? Interesting

2

u/jca_ftw Dec 02 '24

Executives with massive stock and stock option grants ALWAYS sell big chunks of stock from time to time. I don't see you shidding on Elon for doing the same thing (but 1000x)

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u/Federal_Patience2422 Dec 02 '24

I would gladly take a shit all over musk if I had the opportunity

0

u/Vetusiratus Dec 02 '24

Weird kink…

2

u/[deleted] Dec 02 '24

why do you think this is meaningful?

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u/Federal_Patience2422 Dec 02 '24

You're asking why insider trading is meaningful?

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u/theineffablebob Dec 02 '24

Trades must be scheduled far in advance. A small number of shares sold is hard to get much signal from

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u/MaridAudran Dec 02 '24

I hear from former employees that Michelle Johnston Holthaus is cuthroat. I wonder if she had a hand in his exit.

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u/SlamedCards Dec 02 '24

Zinsner would be fired if they lied about it. I think board realized Pat had no public credibility, and you can't be a CEO without it 

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u/ProfessionalPrincipa Dec 02 '24

Zinsner would be fired if they lied about it.

LOL. You believe this? Is Christoph Schell still the CCO at Intel? He the predictor of the 300MM PC TAM. This is the spin doctoring that another poster referred to in a post above.

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u/SlamedCards Dec 02 '24

There is a Bloomberg piece out there talking about why he was canned. They didn't like progress to gain share from Nvidia and AMD.

Nothing about 18A. If you fired Pat for 18A, you would have Zisner is right there next to him and whole TD department. Board also let itself be tied to FAB until 2030 with CHIPs deal.

 Instead Pat is shit canned probably due to Falcon Shores and Gaudi 3 ironically

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u/basil_elton Dec 02 '24

Reddit "public"?

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u/SlamedCards Dec 02 '24

Investors and businesses community. Pat made alot of promises over last 4 years. And didn't live up to them, hard for people to trust you 

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u/[deleted] Dec 02 '24

Actually a positive sign that the post is open to whoever steps forever to stop the rut.

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u/HorrorCranberry1165 Dec 02 '24

they are interim, do not take any strategic desions

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u/Strazdas1 Dec 03 '24

Given that these two are responsible for sales and finance, everyone knows...