Two days ago, the industry was taken aback by Pat Gelsinger's surprise resignation - suddenly deciding to step down as the CEO of Intel and likewise exiting the board of directors. With two co-CEOs working as ad-hoc replacements, Team Blue's executive structure is in dire straits as it looks for a suitable successor to Gelsinger. Through publicly available 8-K Forms and a guesstimate from Reuters, Patrick Gelsinger has reportedly left Intel with a severance package worth $12 million - further exacerbated by his large stake in Intel.
Traditionally, CEOs announce their resignations months before the fact and nominate a suitable successor. In light of rumors - so much so that you can practically smell them in the air - there is speculation that Pat was likely shown the door at a request by displeased board members. Gelsinger spearheaded a struggling Intel under his IBM 2.0 strategy as Chipzilla is now nearing its 5N4Y (five nodes in four years) promise with 18A around the corner. Intel refused to provide further clarification, but this corporate debacle casts doubt over its great ambitions in Intel Foundry, DCAI (Data Center and Artificial Intelligence), and AXG (Accelerated Computing Systems and Graphics) segments - to name a few.
