Mon Dec 02 23:08:25 UTC 2024: ## Intel CEO Pat Gelsinger Out After Less Than Four Years

**SANTA CLARA, Calif. —** Intel’s longtime executive and CEO, Pat Gelsinger, has abruptly resigned after less than four years at the helm, sending shockwaves through the struggling tech giant. The company announced the news Monday, revealing that Gelsinger’s departure follows a board meeting where his turnaround plan was deemed insufficiently effective. Two executives, David Zinsner and Michelle Johnston Holthaus, will serve as interim co-CEOs while a search for a permanent replacement is underway.

Gelsinger, 63, returned to Intel in 2021 after a long career elsewhere, initially aiming to restore the company’s dominance in chip manufacturing, a goal that has been hampered by increasing competition from companies like Nvidia and TSMC. His ambitious plan, involving significant investments in new manufacturing facilities in Ohio and Europe, failed to deliver the rapid results the board desired.

The company has faced significant financial challenges under Gelsinger’s leadership, including a $16.6 billion loss in the most recent quarter and a 60 percent drop in share price. In August, the company announced plans to cut 15,000 jobs as part of a cost-cutting initiative. While Gelsinger secured billions in government subsidies to support Intel’s expansion of US chip manufacturing, his efforts to revitalize the company have ultimately fallen short of expectations.

Gelsinger’s statement expressed bittersweet feelings about leaving the company he joined in 1979, acknowledging the “challenging year” and the difficult decisions made to adapt to market conditions. Frank Yeary, the independent chair of Intel’s board, will serve as interim executive chair, praising Gelsinger’s contributions to process manufacturing and innovation. The future direction of Intel remains uncertain as the company embarks on its search for a new CEO.

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