Today marks 100 days since Pat Gelsinger took over as Intel’s chief executive officer.
Since Gelsinger assumed his new role on Feb. 15, the mood and talk at Intel has changed. But what has the new CEO actually accomplished? Here are 5 top takeaways:
1) Announced Intel’s IDM 2.0 strategy: In late March, CEO Gelsinger announced two big changes to Intel’s integrated device manufacturing model. First, Intel will invest $20 billion to build two new factories in Arizona, creating 3,000 permanent jobs. Second, Intel will for the first time become a foundry provider to other companies. Gelsinger also said Intel may rely on other companies for components required for its coming generation of 7nm chips.
2) Set new business goals for Intel: On his second day as CEO, Gelsinger sent a memo to all Intel employees that outlined 4 new priorities for Intel: lead in every category in which the company competes, execute flawlessly, innovate with boldness and speed, and attract and retain the world’s best engineers and technologists.
3) Working with Washington: Gelsinger in April joined Biden administration officials and other industry leaders to discuss ways to overcome the global semiconductor shortage. The move is important because the shortage is probably too big and complicated for either industry or government to solve alone.
4) Reinforced Intel’s social responsibility goals: Earlier this month, Gelsinger listed ambitious targets for Intel’s coming year. These include: increase the representation of women in Intel leadership roles to 40%; work with ecosystem partners to adopt responsible minerals-sourcing practices; and expand efforts to support the U.N. sustainable-development goals.
5) Moderated Intel’s stock price: Fairly or not, CEOs get judged by how much they raise their companies’ stock price. Gelsinger’s record here is mixed, but he has at least halted the stock’s fall. As of this morning, Intel was trading at about $57 a share; that’s above the 52-week low of $43.61, but below the recent high of $68.49.