Pat Gelsinger, former Intel CEO, will receive a severance package worth $10 million to $12 million, reflecting his contractual obligations despite Intel's declining market performance.
Gelsinger's tenure as CEO began on February 15, 2021, with Intel's stock at $62, but it has plummeted to $22.50, illustrating the company's significant loss in market value.
His lack of foresight regarding the AI chip market, a critical area for growth, hindered Intel's competitiveness, especially compared to Nvidia, which capitalized on the demand.
Despite efforts like massive layoffs and investment in new factories, Gelsinger's strategic actions were perceived as insufficient given the seriousness of the company's declining earnings.
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