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Intel shares drop 6% as CEO exits amid struggles
Intel’s share price dropped by 6% on Tuesday, marking its largest single-day decline since early September.
This followed the announcement of CEO Pat Gelsinger’s departure marked by losing market share and struggling to keep pace with AI developments.
The company stated on Monday that CFO David Zinsner and Intel products CEO MJ Holthaus will serve temporarily as co-CEOs. Meanwhile, a search is ongoing for a permanent CEO replacement.
Intel’s recent period has been challenging, with quarterly revenue dropping by 6%.
The company has seen year-over-year declines in nine of the past 11 quarters.
Recent Intel developments
| Timeline |
|---|
03-Dec-2024 📈 Intel names interim co-CEOs as Gelsinger steps down
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26-Nov-2024 💰 Intel nears $8b Chips Act grant amid financial woes
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29-Oct-2024 ☕ Intel cuts Israeli jobs, ends free office perks
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29-Oct-2024 💻 Intel invests $300m in Chengdu chip packaging facility
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| 17-Oct-2024 🔍 Intel faces security review in China |
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