Intel CEO Pat Gelsinger has retired effective December 1 and has also stepped down from the Board of Directors.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from New York City. Here’s what we’re watching on TheStreet today.
The Nasdaq and the S&P 500 set fresh record closing highs. On the economic front, manufacturing activity continued to shrink in November, albeit at a slower pace, according to the Institute for Supply Management.
Looking ahead, JOLTS: the Job Opening and Layoff Turnover survey is released Tuesday. We also get quarterly numbers from Salesforce.
In other business headlines: It’s a bad day to be a struggling CEO. Intel CEO Pat Gelsinger was shown the door after a failed attempt to catch up to Nvidia. His departure came on the same day Carlos Tavares, head of the global auto conglomerate that includes the Chrysler brand stepped down.
Gelsinger, in particular, had a rough tenure as Intel plummeted from the world’s leading semiconductor company to chipmaker-non-grata. The fall from grace came as Intel failed to catch hold of the AI wave after numerous turnaround plans.
Job number one for the next CEO is to finally figure out how to turn Intel back into an innovative company and become a formidable player in the AI chip race.
Intel board chairman Frank Yeary said in a statement. “While we have made significant progression regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence.”
Shares of Intel have lost half their value this year and the stock was kicked out of the Dow.
That’ll do it for your Daily Briefing. From New York City, I’m Conway Gittens with TheStreet.
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