Intel will have difficulty replacing Gelsinger: Analyst

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Intel (INTC) CEO Pat Gelsinger has retired, effective Dec. 1, the company announced on Monday. The company's stock was trading higher following the news but has roughly halved in value year-to-date. Intel named CFO David Zinsner and Intel Products CEO Michelle Johnston interim co-CEOs, but they are working to find Gelsinger's permanent replacement. The Futurum Group research director for semiconductors, EVs, and autos, Olivier Blanchard joins Catalysts Hosts Seana Smith and Madison Mills to discuss the news and what it means for Intel and investors going forward. Blanchard says Gelsinger's retirement is "big" and "sudden" news, that "I don't think anybody really saw that coming." He adds, "I'm not sure that Intel's communications so far on this have been as clear as it could have been. But at the very least, you have two interim CEOs right now that are very competent. I think that the very first step, though, is going to be to find the next CEO, the next leader of Intel, and put it on the right path to recovery and growth." The analyst says, "For Pat, I think it was a bit of a passion project and not just being the CEO of a company, but seeing it through ... So for him to exit this suddenly I feel that there must have been some differences in opinions about where the company needed to go and how. And that probably had something to do with the business having some members of the board wanting to split the business between foundry and design." "Whatever precipitated Pat's exit

Published 2024-12-02 · Watch on YouTube ↗
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