Frank Yeary praised Pat Gelsinger's leadership, stating, "As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."
During Gelsinger's tenure, Intel made strides in manufacturing competitiveness, but Yeary noted, "we know that we have much more work to do at the company and are committed to restoring investor confidence."
Intel has experienced significant challenges, including layoffs of 20 percent in late 2022 and another planned reduction of 15,000 jobs as part of a $10 billion cost-reduction plan.
While Gelsinger returned to Intel with the hope of turning the company around, the situation reflects a tumultuous time, marked by quality test failures and workforce reduction.
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