Intel CEO Patrick Paul Gelsinger has departed the company. The US-based chipmaker’s CEO finally exits after a 30-plus year stint and a 3-plus year run as CEO. Gelsinger was given the option to step down or be removed after the board lost confidence in his plans to turn around the American chipmaking icon. This development comes at a time when Intel is struggling to keep up with rivals Nvidia and retain market share.
David Zinsner, Chief Financial Officer and Michelle Holthaus, senior Intel executive will take up the mantle of interim co-chief executives following Gelsinger’s retirement, whileFrank Yeary, independent chair of the board of Intel will serve as Interim Executive Chair.
Gelsinger took the role as Intel’s CEO in February 2021, when he was tasked to revitalise Intel amidst production delays, fierce competition and underwhelming launches. Fast forward to 2024 and these problems somehow still persist. In fact, during Gelsinger’s tenure, Intel’s stock went down 61 per cent.
The big question looming over the chipmaker is how it will manoeuvre through the current huge mess. Intel seemed to have things under control with the launch of Meteor Lake. However, the illusion was soon broken when news about faulty processors came out in the open.
Following that, Intel’s shares plunged from USD 30.74 on 31st July to USD 18.99 on 7th August. The last time Intel stocks plummeted this much was on 4th October 2002 when the stocks dipped to USD 13.71.
