Intel announced that CEO Pat Gelsinger has retired after decades of serving in engineering and executive roles at one of the world's largest semiconductor chip manufacturers.
Intel Corp. on Monday announced that CEO Pat Gelsinger has retired as one of the world's largest semiconductor chip manufacturers faces challenges in the highly competitive sector. Gelsinger, who spent three decades at Intel, stepped down as CEO and from the board of directors on Sunday after leading the company for less than four years. His departure comes before the company completed a four-year turnaround plan to gain an edge over rivals Nvidia and Taiwan Semiconductor Manufacturing Co.
Just last week, the Biden administration trimmed the amount of federal grant funding Intel was originally anticipated to receive from the CHIPS and Science Act. The Commerce Department awarded Intel Corporation up to $7.86 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities. That's down from the $8.
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