Shares Rise… Then Slump
The news of the CEO’s departure saw Intel’s shares rise 6% in New York on Monday. However, they then retreated, marking a year-to-date decline of more than half. Investors have clocked that whoever replaces Gelsinger long-term has a gargantuan mountain to climb.
In the interim before a new CEO is appointed, the company said in a statement that Intel’s Chief Financial Officer David Zinsner and Executive Vice President Michelle Johnston Holthaus will serve as interim co-CEOs.
“We know that we have much more work to do at the company and are committed to restoring investor confidence. As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them.” – Frank Yeary, independent chair of the board of Intel
Yeary will serve as interim executive chair.
