The Morning After: Intel’s CEO just suddenly retired

It’s been a quiet few news days as everyone seemingly parses deals from Black Friday through to Cyber Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after over 40 years at the company and close to four years at the chip manufacturer’s helm. Effective December 1, Gelsinger left his post and his position on the board of directors. The board has created a search committee to “diligently and expeditiously” find a new CEO. Gelsinger oversaw Intel during a tumultuous time for the company. In late 2022, Intel laid off about 20 percent of its staff in some divisions. This year alone, the company announced it would lay off another 15,000 people — or 15 percent of its workforce — amid a $10 billion cost-reduction plan.

— Mat Smith

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