Intel CEO Pat Gelsinger Retires From Struggling Chipmaker

Reuters12-02

Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1.

The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

Intel shares surges 6% on the news.

Gelsinger was appointed as CEO in 2021 to spearhead a transformation of the chipmaker which was once at the helm of the U.S. semiconductor industry but ceded its manufacturing lead to players like Taiwan's TSMC.

"While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence," Frank Yeary, independent chair of the board, said in a release.

Under Glesinger, Intel undertook a costly turnaround centered around making the company a contract manufacturer for other chip firms and reinvigorating its technological lead.

The company's board has formed a search committee to appoint Gelsinger's successor.

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Comments

  • Lydia Blue
    12-03
    Lydia Blue
    Why do tech companies hire tech illiterates to run their companies?
  • VtTeh
    12-03
    VtTeh
    $Intel(INTC)$  yay finally this lousy ceo is leaving... Can buy more intc now.
    • VtTeh
      就是没看到他有什么好的strategy 来救 Intel. 对他没信心. 求神拜佛,希望新的ceo和新的mgmt team可以把intc 创新高...
    • 啊米诺斯
      基辛格其实还可以的,但是走的长期技术路线一时半会确实对于英特尔的困境没用
  • setia100
    12-02
    setia100
    Intel was screwed up by previous CEO who was promoted from CFO. Again, now current  CFO is enlisted to run this hightech company ❗They would care more about money money money rather than technology and future vision of the company. Intel will be better off sold to QCOM rather than run by a CFO❗😔
  • Avatar7
    12-02
    Avatar7
    Yes right move . Must retired if just take company money &unable to help company grow .. 
  • Avatar7
    12-02
    Avatar7
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