Get the latest tech news

Intel CEO Gelsinger Exits as Chip Pioneer's Turnaround Falters

Intel CEO Pat Gelsinger has stepped down amid the company's continued struggles against rivals, with shares losing over half their value this year. The chipmaker announced Monday that Chief Financial Officer David Zinsner and Executive Vice President Michelle Johnston Holthaus will serve as interim ...

The chipmaker announced Monday that Chief Financial Officer David Zinsner and Executive Vice President Michelle Johnston Holthaus will serve as interim co-CEOs while the board searches for a permanent replacement.Gelsinger, 63, was hired in 2021 to lead an ambitious turnaround aimed at reclaiming Intel's technological edge from competitors like Taiwan Semiconductor Manufacturing Co. His strategy included expanding Intel's factory network with new facilities in Ohio and transforming the company into a contract manufacturer for other firms. Board Chairman Frank Yeary, now serving as interim executive chair, emphasized the need to prioritize Intel's product group to meet customer demands. The leadership change also impacts the Biden administration's semiconductor industry initiatives, as Intel was set to receive the largest grant under the $39 billion Chips Act program.

Get the Android app