Intel’s Chief Executive Is Out Amid Chipmaker’s Struggles
The New York Times
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
Over the weekend, Patrick Gelsinger, Intel’s chief executive, was given a choice by the company’s board of directors: Resign or be fired.
Intel’s board had concluded that Mr. Gelsinger had to depart after his plans to turn around the iconic semiconductor maker were not showing results quickly enough, said a person with knowledge of the matter, who was not authorized to speak publicly. Other challenges had piled up, with the company’s stock plunging more than 50 percent this year.
On Monday, Intel announced that Mr. Gelsinger had retired as of Dec. 1. The 63-year-old Intel veteran, who took the helm in 2021 after an 11-year absence from the company, also resigned from the board. He will be replaced for now by two executives, David Zinsner and Michelle Johnston Holthaus, the company said, adding that it would continue its search for a permanent chief executive.
The abrupt change was the latest sign of the 56-year-old company’s fall from grace. Intel was one of the pioneers that gave Silicon Valley its name and for years was one of the world’s best-known tech names. But the company has been mired in recent years in innovation struggles and has ceded ground to rivals including Nvidia, the reigning maker of artificial intelligence chips.
“We have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, who will serve as interim executive chair on Intel’s board, said in a statement.
Mr. Gelsinger said in the statement that the move was bittersweet. “It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics,” he added.
