When All Else Fails, Get Rid of The Coach!
Just like Jim Montgomery was removed from coaching the Bruins for reasons likely far beyond his control, Intel has just announced Pat Gelsinger’s retirement. Pat Gelsinger’s career at Intel started in 1979 and lasted until 2009 when he left to join the EMC Corporation and then as CEO of VMware in 2012. Once the dust had settled from Dell’s acquisition of those companies, he left to become CEO of Intel in 2021 where he served until yesterday. His retirement carries all the hallmarks of an irreconcilable difference between Pat and the board, it was very sudden, there was no indication Intel intends to carry on any sort of consultation relationship with him and Pat Gelsinger’s farewell Tweet consisted of a bible quote. That is much in character as he does frequently post such quotes, but after a combined 34 years at Intel it suggests the parting was not particularly amicable.
The reins of Intel will be taken over by CFO David Zinsner and Client Computing Group head Michelle Johnston Holthaus for now, while the board faces the daunting task of finding someone of a high enough calibre to run Intel in the future. As far as Intel’s plans go, they seem to be carrying on with Pat’s vision and will still be looking to fab not just their own chips but also chips for other companies. This business should be boosted by the cash injection from the US CHIPS act, though how successful Intel will be against TSMC remains to be seen. We will also soon discover if Pat’s push to get Intel’s 18A designs ready for delivery will arrive on time or be delayed by his departure.
There is still a possibility that Pat has encountered problems in his personal life that lead to his departure, which we certainly hope is not true.
