Intel CEO Pat Gelsinger has announced his resignation, effective December 1st, 2024. The decision comes after a tumultuous period for the chipmaker, marked by missed targets, production delays, and increased competition.
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Gelsinger rejoined Intel in 2021 with the ambitious goal of revitalizing the company. However, challenges such as the global chip shortage and increased competition from rivals like AMD and Nvidia have hindered Intel’s progress.
The company’s recent struggles, including issues with its 18A chipmaking process and underwhelming performance of its latest Core Ultra processors, have further eroded investor confidence. While Intel has received significant government subsidies to boost its manufacturing capabilities, the company has yet to regain its former dominance in the chip industry.
In the interim, Intel’s CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus will serve as co-CEOs. The board of directors will initiate a search for a permanent replacement.
Gelsinger’s departure marks a significant turning point for Intel. The company will need to navigate a complex landscape of technological advancements and intense competition to regain its position as a leading chipmaker.
