Intel CEO Pat Gelsinger Resigns After Less Than Four Years in Office
Intel CEO Pat Gelsinger has resigned before completing his ambitious plan to restore Intel’s leadership in the chip manufacturing industry, a position overtaken by TSMC. Despite some progress, his departure raises concerns about investor confidence, although Intel’s stock value rose 5% following the announcement. Previously, the company’s stock had significantly declined, and Intel was removed from the list of the 30 largest companies in the U.S.
Gelsinger, a long-time Intel veteran, held various leadership roles before returning as CEO in 2021. He initially joined Intel in 1979, served as CTO from 2000 to 2005, and later left in 2009 to become President at EMC and then CEO at VMware.
With Gelsinger’s resignation, Intel’s CFO David Zinsner and COO Michelle Johnston Holthaus will temporarily take over operations as the company actively searches for a new CEO to navigate the current challenges and ensure long-term leadership.
