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Intel board member quit after differences over chipmaker's revival plan
Economic Times
·
1y ago
Medial
The recent resignation of a board member at Intel was reportedly due to differences with CEO Pat Gelsinger and other directors over issues such as the company's bloated workforce, risk-averse culture, and lagging artificial intelligence strategy. Lip-Bu Tan, a semiconductor industry veteran, had joined the board two years ago to help restore Intel's position as a leading chipmaker. However, he grew frustrated with the company's large workforce and bureaucratic culture. Tan's departure highlights the challenges faced by Intel as it undergoes a turnaround effort in the midst of a difficult period for the company.
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New Intel CEO Lip-Bu Tan will pick up where Pat Gelsinger left off
Arstechnica
·
5m ago
Medial
Intel has appointed Lip-Bu Tan as the new CEO, replacing Pat Gelsinger after his ousting due to financial losses and restructuring moves. Tan, previously on Intel's board, will start on March 18, continuing the plan to transform Intel into a chip foundry competing with giants like TSMC. The company faces challenges, including an $18.76 billion loss in 2024 and reliance on the US government's CHIPS Act for funding its revival strategy.
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Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs
Economic Times
·
12m ago
Medial
Intel CEO Pat Gelsinger is set to present a plan to the company's board of directors for restructuring and cost-cutting measures. The plan includes selling off unnecessary businesses such as its programmable chip unit Altera, in order to reduce costs and revive the struggling chipmaker's fortunes. The proposal does not currently include plans to sell off Intel's contract manufacturing operation. The company is also considering pausing or halting its $32 billion factory project in Germany. Intel has hired Morgan Stanley and Goldman Sachs to advise on potential sales. The board meeting in mid-September will play a crucial role in determining Intel's future direction.
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Intel CEO Gelsinger's removal raises doubts over turnaround plan
Economic Times
·
9m ago
Medial
Intel CEO Pat Gelsinger's removal has cast doubt on the company's turnaround plan as Wall Street wonders if it will continue. The news was initially welcomed by investors, with Intel's shares rising, but ultimately closing slightly down. The chipmaker's shares have plummeted more than 50% this year while competitors like Nvidia have seen significant gains. Under Gelsinger, Intel struggled to compete in the AI sector and fell behind in chip manufacturing. Revenue also declined during his tenure. Wall Street's expectations for the company have decreased, impacting its valuation.
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OpenAI board approached Anthropic CEO Dario Amodei about top job and merger, he denied
Economic Times
·
1y ago
Medial
OpenAI's board approached Anthropic's CEO, Dario Amodei, about replacing ousted CEO Sam Altman and discussed a potential merger, sources say. Amodei declined both offers. After Altman's removal, there were calls for a successor. OpenAI declined to comment, and board member Adam D'Angelo did not respond. Ex-Twitch CEO Emmett Shear has accepted the role of interim CEO. Meanwhile, Altman and key OpenAI personnel are joining Microsoft. Almost all of OpenAI's 700 employees threatened to quit, and Anthropic's co-founders, former OpenAI executives, have diverged on AI development and governance.
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Intel names two chip industry veterans to its board amid CEO search
Economic Times
·
8m ago
Medial
Intel has announced the appointment of Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to its board as it searches for a new CEO. The struggling semiconductor company has fallen behind competitors like Nvidia and TSMC in advanced chipmaking. The previous CEO, Pat Gelsinger, was removed from his position and Intel is now evaluating external candidates, including former board member Lip-Bu Tan, for the CEO role. Both Meurice and Sanghi have prior experience working at Intel. The company's next CEO will need expertise in manufacturing and product development.
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Intel plans to cut thousands of jobs to finance recovery
Economic Times
·
1y ago
Medial
Intel is reportedly planning significant job cuts in order to fund its recovery and deal with declining market share. The chipmaker's shares have dropped 40% this year, and it is struggling to keep pace with the demand for chips used in artificial intelligence. CEO Pat Gelsinger is leading a turnaround effort that includes investments in manufacturing capabilities, advanced chip technologies, and expansion into new markets. In 2022, Intel announced a cost-reduction plan expected to save between $8 billion and $10 billion by 2025. Intel's second-quarter revenue is predicted to be steady, with a 23% decline in the data center and AI segment. The company is also aiming to expand its presence in the foundry business.
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Zee sets up panel to probe regulator’s allegations against company, promoters
Livemint
·
1y ago
Medial
The board of directors of Zee Entertainment Enterprises Ltd (ZEEL) has expanded the role of its independent advisory committee to investigate allegations brought against the company. The committee, chaired by Justice Satish Chandra, will conduct a deep-dive exercise, review company records, and prepare a detailed report with recommendations for the board. These developments come after recent reports of a financial discrepancy of over $240 million in ZEEL’s accounts and the collapse of a proposed merger with Sony. ZEEL denies restarting discussions with Sony for a merger revival.
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Microsoft was preparing its San Francisco offices with MacBooks and HR on standby to welcome defecting OpenAI employees, then Sam Altman rejoined as CEO
Business Insider
·
1y ago
Medial
Microsoft made preparations to welcome OpenAI employees who were planning to quit after CEO Sam Altman's departure. They had organized space at their San Francisco offices and were getting MacBook laptops ready for the incoming employees. However, this may no longer be necessary as Altman has returned as the CEO of OpenAI. Microsoft had invested over $10 billion in the AI firm and owns 49% of it. Altman's return was supported by Microsoft's CEO Satya Nadella, and they plan to continue building on their strong partnership.
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Are Intel’s problems too big to fix?
Livemint
·
9m ago
Medial
Intel CEO Pat Gelsinger has announced his retirement after a challenging tenure. Gelsinger's departure comes as Intel's stock lost 61% of its value compared to gains in the S&P 500. David Zinsner and Michelle Johnston Holthaus will act as interim co-CEOs as Intel seeks a permanent replacement. The company is also nearing the completion of its ambitious plan to catch up with chip-making giant Taiwan Semiconductor Manufacturing. However, Gelsinger's exit has raised concerns about the strategic path ahead for Intel and the success of its manufacturing processes. Intel also faces challenges in selling its chips and finding clients for its factories. There are speculations that this departure could lead to potential deals, but Intel has limited options and a difficult path forward.
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Who is billionaire Ram Shriram, one of Google's first investors?
Hindustan Times
·
1y ago
Medial
Kavitark Ram Shriram is an Indian-origin businessman and philanthropist who was an early Google backer. He studied maths at University of Madras and joined Netscape after moving to US in 1994 and later became VP at Amazon. In 2000, he quit Amazon to start Sherpalo Ventures to back early stage startups. Shriram remains on the board of Google's parent Alphabet.
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