Pat Gelsinger was the CEO of Intel from February 2021, and on 1st December 2024, he stepped down from the company. Pat Gelsinger has also served as VMWare CEO earlier. During three years of Gelsinger’s leadership in Intel, Intel struggled by losing its market shares to some of its competitors like Nvidia. During his leadership Intel lost its 61% of stock value and was removed from the best-known stock index, the Dow Jones Industrial Average.
Net Worth of Pat Gelsinger
Pat Gelsinger’s net worth is not known and it varies from the major stock holdings he has in Intel and VMWare. The share prices of stocks in these companies change from time to time. In August 2024, the stock price of Wallmine was $48.4 million, and in mid-November 2024 the stock price of Benzinga was $ 104 Million. If we look into the financial data report of Gurufocus, Gelsinger is the owner of 524,343 shares of VMWare which is worth $ 74.73 million, and 334,934 stocks of Intel are owned by Gelsinger which is worth $ 8.01 million.
What was Pat Gelsinger’s salary as Intel CEO?
According to the reports of Salary.com, Intel’s CEO Pat Gelsinger received a salary of almost $ 1.07 Million, and after adding his annual bonus his salary came to around $2.9 million. His annual stock award was $12.43 billion, resulting in his total yearly compensation of $16.7 billion.
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Life history of Patrick Gelsinger
After the completion of high school and early admission through a scholarship, Patrick Gelsinger completed his associate degree at Lincoln Tech. At the age of 18 Patrick got his first job in Intel. Patrick completed his bachelor’s from Santa Clara University in electrical engineering, and from Stanford, he completed his master’s in computer science. In 2001, he became the chief technology officer of Intel and introduced the company to new technologies including Wi-Fi and USB.
In 1980 when Patrick was working at Intel, he walked many years for companies’ computer processors, he also worked on the 80386 microprocessor, and in 1987 he published an autobiography. He also worked as Intel’s lead architect for the 80486 processor.
He left his job at Intel in 2009 and joined EMC Technologies, his job at Intel lasted for almost 30 years. In 2012, Patrick Gelsinger’s life took a sudden change when he joined VMWare as CEO, as of now almost half of his stocks are from VMWare. In 2021 Patrick Gelsinger once again joined Intel, but this time he was the CEO of the company. Patrick took the company to new heights this time with the establishment of new domestic manufacturing plants, which was of almost $ 40 million, he also established international plants in Germany which will begin to work by 2027 with the cost of $ 33 million. Patrick Gelsinger announced his retirement from Intel on 2nd December 2024, his decision was the result of the pressure he was getting from Intel’s board. In his retirement speech he addressed the public and said he is very proud of all the achievements that the company received under his leadership and considered his retirement as a ‘Bittersweet’.
After his departure from Intel Frank Yearly, the interim Board chairman said that they have much significant work regarding the manufacturing and capabilities of the company. There is a lot of work to do for the company. He also stated that they will regain the confidence of the investors very soon.
What is the age of Patrick Gelsinger?
Patrick Gelsinger is 63 years old. His contribution to the set of companies he has worked in this period of his life is truly exceptional.
Vmware’s insiders trading
In the last 17 years, worth $1,845,036,070 has been traded by the insiders of VMware and brought up to 16,543,140 stocks, which is worth $1,263,542,618. Michael S Dell, Corp EMC, and L.L.C.Silver Lake T come in the top insider trading list of VMware. However VMware stocks are traded every 14 days by the independent and executive directors with an average trade rate of $75,187,123. Jean Pierre Bruland made the trade of 5,779 stocks on 16th October 2023 which was worth $1,030,338.
What is the work of VMware?
Cloud infrastructure, visualisation software, and business mobility are the prime factors of VMware. VMware has a specialization in policy-driven technology and virtualization. VMware solutions for customers’ software-related issues. VMware’s customer base is almost 500,000 with 75,000 partners as well as more than 18,000 employees. The overall revenue of VMware in 2014 was $6.05 billion.
Conclusion
Under the leadership of Patrick Gelsinger, Intel has faced a lot of changes in the company. It will be crucial to see what will be the next step of Intel directors and members for the success of their company. Will Intel be able to reclaim its position as the proud leader in the cheap manufacturing sector? After the change in leadership, what will be the next step of the stakeholders for the betterment of the company and what will be the next step of the competitors to make their company a bigger one as Patrick Gelsinger is now out of Intel?
The 63-year-old Gelsinger, who started his career in Intel and also ended his career in the chief-making company, retired from his position. The shares of Intel rose up to 5% after the announcement of Patrick’s retirement.
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