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Intel ex-CEO Gelsinger and current co-CEO slapped with lawsuit over Intel Foundry disclosures — plaintiffs demand Gelsinger surrender salary earned
LR Trust wants Pat Gelsinger and David Zinsner to return their compensation.
Among the listed demands, the plaintiffs seek the entire sum of Gelsinger's $207 million salary earned during his tenure in 2021, 2022, and 2023, which would then be paid back to Intel. The lawsuit claims that Pat Gelsinger and David Zinsner failed to communicate the poor performance of the Intel Foundry division, which had struggled to attract significant interest from major fabless designers while bleeding money. The lawsuit further claims that executives and board members allowed misleading statements about Intel Foundry Services' (IFS) growth potential, obscuring substantial operating losses and declining internal revenue.
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