Intel CEO Pat Gelsinger ousted after more than 3 years of tumultuous tenure

Tech giant Intel has announced that its CEO, Pat Gelsinger, has been forced out following a tumultuous tenure at the company.

Since he took over the company in February 2021, the company's stock has plunged 61%, and the company announced in August that it would be laying off 15% of its staff as part of measures to slash $10 billion in costs.

Gelsinger's “retirement” was effective Dec. 1, according to the press release from Intel.

Two senior executives, David Zinsner and Michelle Johnston Holthaus, will take over as Intel's interim Co-CEOs amid the search for a new CEO.

Reference Sources

1. usatoday - Intel CEO Pat Gelsinger resigns after more than 3 years of tumultuous tenure
2. yahooen - Intel CEO steps down, DeWine addresses chip plant
3. businessinsider - Intel's CEO steps down as chipmaker tries to restore investor confidence
4. quartz - Intel stock pops 4% after CEO Pat Gelsinger retires
5. eurodayfr - Intel separates from its boss Pat Gelsinger

US to block sale of cutting-edge, chip-making equipment to China

The United States has introduced new export controls on China, restricting the sale of cutting-edge, semiconductor-manufacturing equipment and high-bandwidth computer memory (HBM) to the Communist nation.

The new rules ban the sale of 24 different kinds of equipment and three different software tools, all of which are used to produce what are known as advanced Node semiconductors, the fastest and most efficient chips on the market.

The export controls also restrict the transfer of HBM products, which advanced node semiconductors need to maximize their performance in high-Intensity applications, such as artificial intelligence and machine learning.

The move marks the Biden administration's third major update over the past three years to a set of rules that have tried to cut China off from the world's most advanced technology.

Reference Sources

1. cnnen - China hits out at latest US effort to block Beijings access to chip technology
2. voanews - US to block sale of cutting-edge, chip-making equipment to China
3. eurodayfr - US limits semiconductor export to China
4. nytimesen - Biden Targets China’s Chip Industry With Wider Trade Bans
5. aawsat - Latest US Strike on China's Chips Hits Semiconductor Toolmakers

Tens of thousands strike at Volkswagen's Germany plants

Tens of thousands of Volkswagen workers in Germany have gone on strike over the automaker's plans to lay off thousands of people, cut pay and close plants for the first time in its home country.

The powerful IG Metall Union and the workers Council have fought to protect jobs since VW announced in September that it was weighing the unprecedented step of shutting plants in Germany, where it has around 120,000 employees.

VW has been hit hard by high manufacturing costs at home, a Stuttering shift to electric vehicles, and tough competition in key market China.

Reference Sources

1. fortune - Volkswagen workers walk out on strike as German auto industry is engulfed in crisis
2. straitstimes - Tens of thousands strike at Volkswagen's Germany plants
3. ft - Volkswagen workers to stage strikes at German plants over pay and job cuts
4. eurodayfr - why are Volkswagen employees going on strike starting this Monday?
5. theguardian - Volkswagen workers in Germany to strike over plan to cut jobs and pay

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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