In a surprising move, Intel CEO Pat Gelsinger, the architect of the company's foundry strategy, has resigned, effective December 1, 2024. This unexpected departure raises concerns about the future direction of Intel's foundry ambitions.
Intel has appointed David Zinsner, current CFO, and Michelle Johnston Holthaus, newly appointed CEO of Intel Products, as interim co-CEOs. Frank Yeary, independent chair of the board, will serve as interim executive chair during the transition.
While Intel has stated that its foundry leadership structure will remain unchanged for now, the long-term impact of Gelsinger's departure on this crucial strategy remains to be seen.
"Today is, of course, bittersweet... I can look back with pride at all that we have accomplished together..." - Pat Gelsinger
This news follows reports that Qualcomm has backed away from potential acquisition plans due to Intel's debt and antitrust concerns. Despite this, Intel recently secured $7.86 billion in grants under the CHIPS Act to support capacity expansion and advanced packaging facilities.
Intel's stock saw a 4% increase in pre-market trading following the announcement, perhaps indicating investor sentiment towards Gelsinger's leadership.
