Stock Track | Intel Stock Soars 5.72% as CEO Gelsinger Retires Amid Struggles to Regain Tech Leadership

Stock Track12-03

Intel Corporation (INTC) shares soared 5.72% on Monday, December 2nd, during the intraday trading session. The surge came after the chipmaker announced the retirement of CEO Pat Gelsinger, effective immediately, amid growing concerns about the company's ability to regain its manufacturing competitiveness and restore investor confidence.

Gelsinger, who took the helm in 2021, spearheaded an ambitious turnaround plan centered around transforming Intel into a contract manufacturer for other chip firms and reclaiming its technological lead. However, the company has struggled to keep up with rivals like Nvidia in the lucrative artificial intelligence (AI) and data center chip markets, leading to significant losses in its foundry business.

According to news reports, Intel's board grew increasingly frustrated with the lack of progress under Gelsinger's leadership, ultimately giving him the choice to retire or be removed. The company has appointed Chief Financial Officer David Zinsner and product executive Michelle Johnston Holthaus as interim co-CEOs while it conducts a search for a permanent successor.

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