Intel CEO Pat Gelsinger suddenly resigns

Intel Corporation (USA) CEO Pat Gelsinger resigned on December 1, less than four years after taking over the corporation.

Mr. Gelsinger left Intel Corp. before completing an ambitious and costly four-year plan to restore the company’s leadership in making the fastest and smallest computer chips, a position Intel had lost to Taiwan Semiconductor Manufacturing Co., which makes chips for Intel rivals like Nvidia, according to Reuters.

Mr. Pat Gelsinger at an Intel event in February 2024 in California (USA)

Mr. Gelsinger has assured both investors and U.S. officials, who are subsidizing Intel’s shift, that his manufacturing plans remain on track. But the full results won’t be known until next year, when Intel aims to bring its top-of-the-line laptop chips back into its factories.

Intel shares rose 3.7% in early trading after losing more than half their value this year.

Intel has appointed Chief Financial Officer David Zinsner and Senior Executive Officer Michelle Johnston Holthaus as interim co-CEOs while the board conducts a search for a new CEO. The move comes less than a week after U.S. officials granted Intel $7.86 billion in bailout funds, according to Reuters.

Intel's board of directors has formed a search committee to appoint Mr. Gelsinger's successor.

"While we have made significant progress in regaining manufacturing competitiveness and building the capacity to become a world-class foundry, we know we have more work to do at the company and are committed to restoring investor confidence," Intel Chairman Frank Yeary said in a statement.

Source: https://thanhnien.vn/ceo-intel-pat-gelsinger-bat-ngo-tu-chuc-18524120222292863.htm