The derivative lawsuit accuses former CEO Pat Gelsinger and interim co-CEO/CFO David Zinsner of violating securities laws and fiduciary duties, seeking restitution for Intel.
The lawsuit highlights Gelsinger's compensation exceeding $207 million from 2021 to 2023, amidst the difficulties faced by Intel's foundry business that reported huge losses.
Despite Intel's strategic shift to an internal foundry model, the company disclosed a staggering operating loss of $7 billion for Intel Foundry Services in 2023.
The ongoing struggles in the foundry business were compounded by disappointing quarterly results, leading to layoffs and the suspension of Intel's dividend, culminating in Gelsinger's resignation.
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