Struggling chipmaker Intel on Monday announced the retirement of its chief executive Pat Gelsinger, as the company faces challenges in regaining its edge in semiconductor manufacturing and addressing concerns over profitability.
Mr Gelsinger has also stepped down from the board of directors, effective from December 1, Intel said in a statement.
The company based in Santa Clara, California has made David Zinsner, its executive vice president and chief financial officer, and Michelle Holthaus, now chief executive of Intel Products, as interim co-chief executives until it finds a permanent replacement.
Frank Yeary, Intel’s independent chairman of the board, has been appointed interim executive chairman to oversee the leadership transition.
Mr Gelsinger’s tenure in the top post, which began in February 2021, was marked by efforts to restore Intel's manufacturing leadership and expand its foundry business. However, despite progress, Intel continues to trail behind rivals such as Taiwan Semiconductor Manufacturing Company, Samsung and Nvidia in advanced chip production and has struggled to meet investor expectations.
“Today is, of course, bittersweet as this company has been my life for the bulk of my working career,” Mr Gelsinger said. “It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”
Mr Gelsinger began his career in 1979 at Intel and became its first chief technology officer in 2001. He also served as chief executive of US cloud company VMware for almost nine years.
New leadership aims to streamline company
Mr Yeary said Intel is working to create a “leaner, simpler, more agile” business.
Under the new leadership, the company will “act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimising our operating expenses and capital”, he said.
It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics
Pat Gelsinger,
former chief executive of Intel
“While we have made significant progress in 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.
“As a board, we know first and foremost that we must put our product group at the centre of all we do. Our customers demand this from us and we will deliver for them."
News of Mr Gelsinger’s departure came almost a week after the US Department of Commerce awarded Intel up to $7.86 billion in direct funding through the Chips and Science Act to advance the company’s commercial semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio and Oregon.
Once part of Four Horsemen
Following the news, Intel jumped 3.2 per cent to trade at $24.80 a share at 7.30pm UAE time on Monday, raising the company's market value to $106.96 billion. The stock has dropped more than 48 per cent since the start of the year.
The company was part of dot-com era's Four Horsemen, the term referred to four major technology companies – Intel, Cisco, Microsoft and Dell. They were considered leading players in the tech industry during the dot-com boom of the late 1990s and early 2000s.
Intel’s market cap reached its peak at about $500 billion in the 2000 but this was followed by a significant decline in the stock market, known as the dot-com crash, during which the shares of many tech companies plummeted.
After that sell-off, Intel's stock market value never returned to its peak.
In the quarter ended on September 28, Intel reported a net loss of more than $16 billion from a profit of $310 million in the same period last year. Revenue dropped 6.2 per cent yearly to more than $13.3 billion.
On August 2, the company lost about $25 billion in market value and reported a 26 per cent drop in stock price in what marked its worst sell-off since 2000.
It was driven by weaker-than-expected profit in the June quarter, the suspension of dividend payments and plans to cut jobs to fund the overhaul of its chip manufacturing division – all part of Intel's $10 billion cost-reduction plan.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
Andor
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%3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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ON%20TRACK
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UAE currency: the story behind the money in your pockets
CREW
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
Honeymoonish
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Killing of Qassem Suleimani
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
