Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure
CNNNOV 19 2024
The company has named CFO David Zinsner and Michelle Johnston Holthaus as interim co-CEOs while conducting a search for a permanent replacement, with Holthaus also appointed as CEO of Intel Products.
Under Gelsinger's leadership, Intel's stock declined by 53%, while competitor Nvidia's value soared to $3.4 trillion, making it 33 times more valuable than Intel's $104 billion market capitalization.
Intel recently announced a 15% workforce reduction, affecting approximately 15,000 jobs, as part of a $10 billion cost-reduction plan to address declining revenues.
The sudden departure disrupts Intel's ambitious turnaround plan, including its strategy to become a major contract manufacturer and restore American semiconductor leadership, potentially jeopardizing crucial initiatives and partnerships that were showing early signs of progress.