Intel CEO Pat Gelsinger resigns after frustrated board says retire or ?

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In his farewell statement, Pat Gelsinger described the decision as ?bittersweet,? saying, ?This company has been my life for the bulk of my working career. It has been a challenging year as we made tough but necessary decisions to position Intel for the current market dynamics.?

Gelsinger, who joined Intel at just 18 in 1979, was instrumental in shaping its early successes. While his latest tenure ended prematurely, his vision to restore Intel's leadership leaves a complex legacy.

In a move that has sent shockwaves through the tech industry, Intel announced the immediate retirement of its CEO, Pat Gelsinger, effective 1 December. Reports suggest Gelsinger's exit was not entirely voluntary, with Bloomberg revealing that the decision was prompted by a loss of confidence from the company's board of directors.

The board reportedly raised concerns over the slow pace of Intel's turnaround efforts under Gelsinger's leadership. During a critical meeting last week, discussions about the company's performance and future plans led to Gelsinger being given the choice to step down or face removal.

Pat Gelsinger, who rejoined Intel as CEO in 2021, had embarked on an ambitious and costly plan to restore the company's dominance in chip manufacturing. However, Intel's financial troubles have overshadowed these efforts.

The challenges came into sharp focus on 1 August during a dire earnings report, where Intel posted unexpected losses and delivered a bleak sales forecast. In response to its financial woes, Intel suspended its dividend payments for the first time since 1992 and announced plans to reduce its workforce by over 15%, affecting roughly 16,500 employees.

Who is the new CEO of Intel?

Until a permanent replacement is found, Intel's CFO David Zinsner and Chief Product Officer Michelle Johnston Holthaus will serve as co-CEOs. The board has begun a search for a new leader to guide the company through its turbulent times.

Unlike many of its competitors, Intel both designs and manufactures chips. Under Gelsinger, the company made significant efforts to expand its foundry business, positioning itself as a key player in the global semiconductor supply chain.

Intel's strategy has been bolstered by substantial financial support from the Biden administration, which pledged tens of billions of dollars to reduce reliance on Asian chipmakers. Gelsinger spearheaded a $20 billion investment in a new chipmaking facility in Ohio and allocated billions more for European expansion. Despite these efforts, progress failed to meet expectations.

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