Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure
CNNNOV 19 2024
Intel's Chief Executive Officer Pat Gelsinger has abruptly retired, stepping down from both his position and the company's board after less than four years at the helm.
The lead architect of Intel's 4th generation 80486 processor, introduced in 1989, and the youngest vice president in the company's history, Gelsinger was reportedly given the option to retire or be removed.
The company has named Executive Vice Pres. and Chief Financial Officer David Zinsner and newly-appointed Chief Executive Officer of Intel Products, Michelle Johnston Holthaus, as interim co-chief executives.
The leadership change represents a necessary step toward revitalization. Intel couldn't effectively compete in the artificial intelligence (AI) chip market and lost significant ground to rivals. The chipmaker requires fresh leadership to restore investor confidence and build improved semiconductors that can power the AI boom.
The sudden, board-driven departure disrupts Intel's ambitious turnaround plan, including its strategy to become a major contract manufacturer and restore American semiconductor leadership. Gelsinger's abrupt departure potentially jeopardizes crucial initiatives and partnerships, which were showing early signs of progress.
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