Pat Gelsinger steps down as CEO of Intel

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a big shakeup at Intel.

Transcript

00:00I'm Conway Gittins reporting from New York City. Here's what we've been watching on the street today.

00:03The Nasdaq and the S&P 500 set fresh record closing highs.

00:07On the economic front, manufacturing activity continued to shrink in November,

00:11albeit at a slower pace, according to the Institute for Supply Management.

00:16Looking ahead, jolts. The Job Openings and Layoff Turnover Survey is released Tuesday.

00:22We also get quarterly numbers from Salesforce.

00:26In other business headlines, it's a bad day to be a struggling CEO.

00:30Intel CEO Pat Gelsinger was shown the door after a failed attempt to catch up to NVIDIA.

00:37His departure came on the same day Carlos Tavares,

00:40head of the global auto conglomerate that includes the Chrysler brand, stepped down.

00:45Gelsinger in particular had a rough tenure as Intel plummeted from the world's leading

00:51semiconductor company to chipmaker Nongrata. The fall from grace came as Intel failed to

00:56catch hold of the AI wave after numerous turnaround plans.

01:01Job number one for the next CEO is to finally figure out how to turn Intel back into an

01:07innovative company and become a formidable player in the AI chip race.

01:12Intel Board Chairman Frank Yeary said in a statement,

01:15While we have made significant progress in regaining manufacturing competitiveness

01:21and building the capabilities to be a world-class foundry, we know that we have much more work to do

01:27at the company and are committed to restoring investor confidence. Shares of Intel have lost

01:33half their value this year and the stock was kicked out of the Dow.

01:39That'll do it for your daily briefing. From New York City, I'm Conway Gittins with The Street.

01:45you