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lucky game Earlier this week, Intel's board gave CEO Pat Gelsinger the option to retire or be fired. He chose the former. Gelsinger delivers a speech at the COMPUTEX forum in Taipei, Taiwan June 4. Ann Wang/Reuters Gus Carlson is a U.S.-based columnist for The Globe and Mail. If there is anything surprising about the high-profile departures of CEOs at Intel INTC-Q and Stellantis STLA-N this week, it isn’t that they were sent packing – it’s that it took their boards so long to act. For investors, the steady decline in the companies’ value, market share and competitive edge over the past year has been like watching a train wreck in slow motion. And they were helpless, their stakes burning while directors fiddled. Like Boeing and Disney before them, the Intel and Stellantis disasters are the latest examples of board complacency and, perhaps, incompetence. In all four cases, boards rode their leadership nags relentlessly, even though it was obvious to most every other stakeholder that they were losing the race. And in each case, the problems illuminating the CEOs’ weaknesses had been building for some time and were largely self-inflicted – not the result of any single external force or crisis. The Intel story has been particularly gruesome. Patrick Gelsinger was appointed CEO in 2021 to spearhead a turnaround at the struggling Santa Clara, Calif., computer-chip maker. The company’s ability to innovate had stalled, it was losing market share in its core businesses and it had missed opportunities in the cellphone market and artificial-intelligence apps. Meanwhile, competitors such as Nvidia were eating Intel’s lunch. Rather than getting better under Mr. Gelsinger, Intel got worse. He hired recklessly, invested in the wrong things at the wrong time and was hopelessly out of step with the fast-changing industry – a remarkable series of stumbles for someone with deep tech roots. Intel’s share price declined more than 60 per cent during his leadership tenure – it’s down more than 50 per cent so far this year, even as the NASDAQ index has risen almost 30 per cent. The tipping point came with the company’s third-quarter bomb – a loss of US$16.6-billion, the worst in its 56-year history. Earlier this week, the board gave Mr. Gelsinger the option to retire or be fired. He chose the former. Over at Stellantis, the parent company of Chrysler, Jeep, Fiat and Peugeot, the departure of CEO Carlos Tavares was way too long in coming. The flaws in his strategy – and the consequences – were well-publicized. Mr. Tavares turned away loyal buyers by keeping prices too high on popular workhorse brands such as Jeep, Dodge and Ram. The tone-deaf posture caused inventories of unsold cars and trucks on dealer lots to soar, particularly in North America, where they reached almost half a million vehicles in the summer. U.S. sales fell 20 per cent in the third quarter while industrywide sales showed modest growth. Layoffs loomed, there was talk of the company dumping some of its showcase brands such as Maserati and Chrysler, and Stellantis stock lost almost half its value during the year. Then, in October, the company dropped a bomb of its own. Mr. Tavares stunned investors with a profit warning reflecting severe weakness in its perennial cash cow, the U.S. market. But that wasn’t the worst of it. He also announced that he would stay on as CEO for another 18 months, until his contract expired in 2026, a remarkably arrogant move suggesting he was doing stakeholders a favour by remaining at the helm. At that point, any reasonable person might have suggested that the board step in, thank Mr. Tavares for his contributions and show him the door. Any coach in any sport would do the same if they saw their star athlete losing his or her touch. After all, glory days don’t last forever. But the Stellantis board stood pat – or wimped out, depending on how you want to look at its inaction. Perhaps it was because of Mr. Tavares’s reputation as an industry visionary. After all, he was the genius behind the combination of Peugeot and Fiat Chrysler to create Stellantis. Maybe the directors thought he had one more Hail Mary pass in his playbook. He clearly didn’t, and his departure was announced Sunday, the announcement citing his differences in opinion with the board. Despite the reputational cloud over CEOs who depart their corner offices in disgrace, it’s hard to feel sorry for Mr. Gelsinger or Mr. Tavares. During his four-year stint as CEO, Mr. Gelsinger made about US$46-million, including a severance package reported to be around US$10-million. Had he been successful in turning around Intel, he could have made US$140-million. Meanwhile, media reports suggest Mr. Tavares could receive €100-million in severance, though Stellantis has said that figure is inaccurate. Maybe so, but Mr. Tavares, who made almost US$40-million in 2023 – including a 56-per-cent performance bonus – won’t walk out empty-pocketed. The numbers reflect a couple of truisms in business: You don’t get what you deserve, you get what you negotiate. And failure, it seems, is a pretty lucrative business in an era of craven boards.FOXBOROUGH, Mass. (AP) — As spontaneous celebrations rippled throughout the Los Angeles Chargers' after their resounding 40-7 win over the New England Patriots, coach Jim Harbaugh grabbed general manager Joe Hortiz and wrapped him up in a bear hug. “Love you!” Harbaugh said. “Love you!” Hortiz responded. “Great job! Let's keep it going,” Harbaugh replied, finally loosening his grasp. The Chargers (10-6) are back in the playoffs. But the message is clear: They have their eyes on achieving much more. Justin Herbert threw three touchdown passes and Los Angeles locked up its second playoff appearance in three seasons with Saturday's victory. “We had a good opportunity tonight and we went out and took it," Herbert said. “We had a good plan. All week we knew how big of a game this was for us. Guys were dialed in, focused and we executed today.” It also secured the fourth postseason appearance in Harbaugh’s five seasons as an NFL coach, adding to the three he made during his stint with the San Francisco 49ers. “You talk to them and there's more to do,” Harbaugh said. “There's no coach who could have it better than to be coaching these players. Nobody. Maybe the only person would be future us, could have it better than us.” Herbert finished 26 of 38 for 281 yards to become the third player in NFL history with at least 3,000 passing yards and 20 touchdown passes in each of his first five seasons. He joins Pro Football Hall of Famer Peyton Manning and Russell Wilson. Ladd McConkey had eight catches for 94 yards and pulled in TD throws of 6 and 40 yards. With a 10-yard reception in the second quarter, he passed 1,000 yards receiving for the season, making him the third Chargers rookie receiver to reach that milestone. JK Dobbins rushed 19 times for 76 yards and a TD. The Patriots (3-13) have lost six straight games, their second such losing streak of the season. They are now 2-14 the last two seasons at home. “We just didn’t play well enough in any phase of the game,” coach Jerod Mayo said. “No complementary football, and that’s what you get.” Asked if he thinks he is coaching for his job, Mayo said it comes with the territory. “I’m always under pressure and it’s been that way for a very long time, not just when I became the head coach of the Patriots," he said. New England quarterback Drake Maye finished 12 of 22 for 117 yards and a touchdown. He became the first rookie quarterback in franchise history with a TD pass in eight straight games. But he was sacked four times, and a second-quarter fumble marked his eighth straight game with at least one turnover. Los Angeles outgained New England 428-181 for the game. Maye following a blow to his helmet in the first quarter. He was scrambling near the sideline on third down of the Patriots’ first possession when he was hit by Chargers cornerback Cam Hart, jarring the ball loose as Maye spun out of bounds. No flag was thrown on the play and Maye stayed down on the turf for several seconds before eventually getting up and jogging off the field. He initially sat on the bench before going to the medical tent for evaluation. He was replaced by backup Jacoby Brissett in the next series, which ended in a punt. But after further evaluation in the locker room and a Cameron Dicker 27-yard field goal put the Chargers in front 10-0, Maye returned to the game for the Patriots’ third series, at the 10:15 mark of the second quarter. Maye scrambled for 9 yards on his first play back, ending with him being hit by linebacker Junior Colson as he slid to the ground. Colson was flagged for unnecessary roughness. Five plays later, Maye mistimed a toss to Demario Douglas, causing a fumble that was recovered by Derwin James. The Chargers took over on the New England 24 and nine plays later, Herbert connected with McConkey for a 6-yard touchdown pass to put Los Angeles in front 17-0. Chargers: WR Joshua Palmer left the game in the third quarter with a heel injury. DB Elijah Molden limped off the field after a collision in the third quarter. He returned but was later driven off the field on a golf cart because of a shin injury. Patriots: In addition to Maye, CB Christian Gonzalez left the game in the second quarter to be evaluated for a head injury and was later ruled out with a concussion. McConkey, a second-round draft selection, also set a Chargers rookie record for catches, surpassing Keenan Allen, who had 71 in 2013. Chargers: Visit Las Vegas in their regular-season finale. Patriots: Host Buffalo next Sunday in their season finale. AP NFL:

LAS VEGAS (AP) — Max Verstappen returned to the Las Vegas Grand Prix as the defending winner of the Sin City spectacle and a fourth consecutive Formula 1 championship well within his reach. The Dutchman needed only to finish Saturday night's race ahead of Lando Norris of McLaren to make it four straight for the Red Bull driver. Verstappen starts fifth and Norris is sixth. Norris can additionally lose the title if he fails to outscore Verstappen by three points on the neon-lit street circuit that zips down the famed Las Vegas Strip. The race is back for a second year and again promoted by Liberty Media, the commercial rights holder of F1. The debut event was a bit of a disaster in that locals were livid for months over ongoing construction, as well as traffic detours and delays, the inability to access many local businesses, outrageous price gouging by the tourism industry as well as LVGP ticketing, and then a loose valve cover that nearly destroyed Carlos Sainz Jr.'s Ferrari minutes into the first practice. It caused an hours-long delay for repairs, fans were kicked out of the circuit, and F1 ran practice until 4 a.m. — when it legally had to reopen the streets to the public. This year has been far less hectic, in part because all of the infrastructure headaches were a year ago, but also that last year's race was spectacular. Despite all its speed bumps, the actual running of the race was one of the best of the F1 season and could produce a similar show Saturday night. George Russell of Mercedes starts from the pole ahead of Sainz , who wants redemption after the valve-cover fiasco last year. He had to serve a penalty because his car was damaged in the incident. Ferrari is expected to be the class of the field, which could tighten the nail-biting constructer championship battle. Red Bull, the two-time reigning winners, have fallen to third in the standings behind McLaren and Ferrari. But with Las Vegas the first of the final three races of the season, McLaren is clinging to a 36-point lead for a championship worth an estimated $150 million in prize money. McLaren last won the constructor title in 1998, while Ferrari last won it in 2008. The race is the final stop in the United States for F1, which has exploded in American popularity the last five years. The trio of races in Miami; Austin, Texas; and Las Vegas are more than any other country. After the race completion, F1 next week is expected to announce it will expand the grid to 11 teams to make room for an American team backed by General Motors' Cadillac brand. The team was initially started by Michael Andretti, who could not receive approval from F1 on his expansion application. Andretti has since turned over his ownership stake to Indiana-businessman Dan Towriss and Mark Walter, the controlling owner of the Los Angeles Dodgers. They would run the Cadillac F1 team that would likely join the grid in 2026. The announcement of the American team did not come during the weekend to not derail from the Las Vegas Grand Prix, which is the showpiece of the Liberty Media portfolio. With one-time infrastructure costs last year, the debut event was believed to cost Liberty nearly $1 billion. Expenses are down this year, but Liberty put in as much glitz and glamour as possible, anyway. There are nightclubs around the course and on top of the paddock, an ice-skating rink, top-level musical acts and a 10 p.m. local start to make it feel like a true Las Vegas big Saturday night event. AP auto racing: https://apnews.com/hub/auto-racing Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.In a historic victory in the just concluded , celebrated actor-turned-politician, John Dumelo has emerged as the Member of Parliament (MP) for the Ayawaso West constituency. Representing the National Democratic Congress (NDC), Dumelo defeated the incumbent candidate of the New Patriotic Party (NPP), Mrs Lydia Alhassan, in a keenly contested race that has captured national attention. The final results saw Dumelo secure 47,560 votes, significantly outpacing Mrs Alhassan, who garnered 39,214 votes. This decisive margin reflects a growing endorsement of Dumelo’s vision for transformative leadership in the constituency. Dumelo’s victory is particularly significant as it marks a comeback after his narrow loss in the 2020 elections to the same opponent. His 2024 campaign focused on pressing local issues, including infrastructure development, youth and women empowerment, education reforms, and job creation. These resonated strongly with voters, particularly young people, who were drawn to his promise of social change and community empowerment. In his victory speech, Dumelo expressed profound gratitude to the electorate, saying: “This victory is not just for me, but for the people of Ayawaso West. Together, we will build a stronger, more prosperous community. “I am committed to fulfilling every promise I made during this campaign.” The result is seen as a seismic shift in Ayawaso West, a constituency long considered an NPP stronghold. Dumelo’s achievement testifies to the growing appeal of individuals who bring relatable, issue-based campaigns to the political arena. His campaign leveraged grassroots engagement and focused on inclusivity, drawing support from diverse demographics within the constituency. This victory also signifies the rising influence of the NDC in traditionally competitive regions, signalling broader implications for the party’s momentum in the national political landscape.Punjab unit of Bharatiya Janata Party (BJP) has distanced itself from the statement of Union minister Ravneet Singh Bittu’s remarks on Narain Singh Chaura , who made a life attempt on Sukhbir Singh Badal. Bittu had suggested that Chaura should be honoured with the title of “Qaum Da Heera” (gem of the community). In a statement issued on Sunday, BJP national executive member Manoranjan Kalia said the recent statement of Bittu eulogising the attacker was not the party’s line. READ | Sukhbir Singh Badal attacked: ‘Why accused not arrested’, ask Akali leaders “Any statement scoring brownie points politically which has the cascading effect of damaging the political and social fabric of Punjab, thereby denting communal harmony, should be avoided,” Kalia said. He added that the BJP had already condemned the December 4 attack on Sukhbir. Drawing parallels with his grandfather’s assassination, Bittu, while talking to media persons, said, “When Beant Singh ji was assassinated, 17 others lost their lives, leaving families orphaned. The SAD honoured the individuals in such cases at the Golden Temple. Now it is their turn to reciprocate by supporting Chaura with similar magnanimity.” “If my grandfather’s killer, Balwant Singh Rajoana, is being termed Quam Da Heera, Chaura should be given the same treatment by Akali Dal and SGPC,” Bittu said.

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