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Intel CEO Pat Gelsinger Steps Down Amid Company Struggles; Interim Co-CEOs Appointed

Dec 2, 2024, 03:15 PM

Intel CEO Pat Gelsinger has stepped down effective immediately after less than four years leading the company. The departure comes amid Intel's struggles to regain its footing in the semiconductor industry. Under his tenure, Intel's revenue declined from $80 billion to $55 billion, and the stock price fell by 61%. The chipmaker has faced stiff competition from rivals like NVIDIA and AMD, particularly in the AI and data center markets. Intel's board has appointed two senior leaders, David Zinsner and Michelle Johnston Holthaus, as interim co-chief executive officers while a search for a permanent successor is conducted. The company's stock rose by up to 5% on the news of Gelsinger's departure.