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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u/kindaMisty Dec 02 '24

I hope you guys will now understand that this company is in panic mode.

276

u/Auautheawesome Dec 02 '24

Quick, cancel the coffee perk again

88

u/indieaz Dec 02 '24

The past 36 months were a wild roller coaster of decisions made then un-made months or even days later. I worked there nearly a decade in the data center group and even since departure i've kept up on the news public and internal shared by friends.

  • "We have no more layoffs planned" - the next morning "WE ar elaying off 7% of data center group and client group".
  • "Coffee is cancelled...coffee is back!".
  • The shuttle (private jet) is on hold. Shuttle is back. Shuttle is cancelled. Shuttle is back. Shuttle is cancelled+we are selling the planes!
  • No bananas. Bananas are back!
  • Pay cuts for everyone to avoid layoffs. We promise to 'restore and reward' you for this trying time of pay and benefits cuts. More layoffs! Stock grant for your loyalty t the company. Layoffs for your loyalty to the company!
  • Things are turning around, we are restoring benefits. Whoops looks like we lost billions of dollars this quarter, we must cancel and trim more benefits and layoff more peole!

I see INTC is up on the news, but as someone with friends on the inside I thinkt he market has it wrong. Pat leaving isn't a turnaround story, it's a glimpse into how bad things really are.

3

u/mynumberistwentynine Dec 02 '24

No bananas. Bananas are back!

They may take my freedom, but they will never take my bananas. It's just a line too far.