The insistence to pretend to the audience that everything's fine and still throwing extensive confetti (dividends) is no good look.
I know. There's an argument that maybe they should go private.
So the point of publicly traded companies is to hold them accountable right? But the majority can be retarded. So it can go either way. The actual benefit of a publicly traded company is that they can possibly get more funding/exposure.
I held their stock for few months way, way back. I got an email telling me I can approve/disapprove various high level leadership. That's the reality for these companies. Like someone pointed before, Gelsinger isn't in full control, the Board of Directors have lot of that.
Also the shareholders do have control. Unfortunately the majority can be very stupid and short sighted. Also when it comes to investment it's said "majority must be wrong", and you need to be able to go against that tide to win, which will be massive.
Many, many investors put money in stocks to make money. Short term, Otellini is the best CEO, and Kraznich next. But we know the latter was a disaster and Otellini affected the company long term, despite doing ok everywhere else.
So I can see them dropping it by 25%, and that'll "save" them $1.5 billion annually. But cutting it entirely is unreasonable. Unless your hidden argument is that current management should be kicked out. Then I have to question your motives. You are saying they shouldn't go into new fields, don't invest in fabs and cut down on R&D. Then I think you are advocating for the demise and the argument you make is invalid, so is everyone else in that line.
I am not saying Pat is the guaranteed way of success, because past performance isn't necessarily an indicator of future performance. However, Intel's problems aren't just 5 years old. It's likely 25+ years old, starting from when the last Founders quit being CEO.
You aren't looking at them needing to change a flat tire. Or even do a massive tuneup. You are looking problems at a structural level. Engine, Transmission, Body. Frankly, even the Engine isn't necessary(of course it's VERY nice). You can replace it with a pedal, or foot like Flintstones. But Gears, Body, they are absolutely necessary. And that's the problem Intel has.
Again, the height of their profits and margins were during the Kraznich era.
Also if the economy continues to worsen and inflation goes higher and higher, I think the problems we see may be just tip of the iceberg. Then there's literally no one in the world that can fix it.