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.

VentureBeat

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.

TechCrunch

The U.S. Commerce Department recently awarded Intel $7.86 billion through the CHIPS Act to advance semiconductor manufacturing in Arizona, New Mexico, Ohio, and Oregon.

Reuters

Intel's revenue declined to $54 billion in 2023, down about one-third from when Gelsinger took over, with analysts projecting the company's first annual loss since 1986.

Forbes

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.

Intel CEO Exits as Chip Giant Struggles in AI Race

The Spin

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Intel CEO Exits as Chip Giant Struggles in AI Race

The Spin

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