Intel’s CEO just retired and the company’s stock is already up by 5%
Intel recently declared that Pat Gelsinger, who had been serving as CEO since 2021, is stepping down from his position. With over three decades at Intel under his belt, Gelsinger faced a significant amount of criticism towards the end of his tenure. During his leadership, Intel experienced a challenging period marked by a $1.6 billion loss in one quarter and the announcement of job cuts affecting more than 10,000 employees. Gelsinger also played a crucial role in Intel Foundry Services, an initiative that has struggled financially and contributed significantly to the company’s financial setbacks.