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Intel’s CEO suddenly retired

It’s been a quiet few days for news as everyone seems to be passing on deals from Black Friday to Cyber ​​Monday. But there’s always time for a shock announcement: Pat Gelsinger is retiring after more than 40 years with the company and nearly four years in charge of chips. Effective December 1, Gelsinger resigned from his position and position on the board of directors. The board created a search committee to “diligently and expeditiously” find a new CEO. Gelsinger oversaw Intel during a turbulent time for the company. By the end of 2022, Intel has laid off about 20 percent of its workforce in other divisions. This year alone, the company announced it would lay off another 15,000 people — or 15 percent of its workforce — as part of a $10 billion cost-cutting plan.

— Matt Smith

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