Amid the crisis it faces, Intel CEO resigns
Intel is looking for a new CEO to take on the challenge of returning the company to its historic leadership role.
Intel announced Monday the surprise resignation of its CEO Pat Gelsinger, effective December 1, 2024, amid a deepening crisis that has seen the company lose more than 50% of its stock market value this year.
The Board of Directors has appointed David Zinsner, currently CFO, and Michelle Johnston Holthaus, who will assume the new role of Intel Products CEO, as interim co-CEOs. Frank Yeary will serve as interim CEO while a permanent successor is sought.
Gelsinger's departure comes ahead of the completion of his ambitious four-year turnaround plan, which included billions of dollars in investments to restore Intel's leadership in chip manufacturing, an area now dominated by Taiwan Semiconductor Manufacturing Co. (TSMC).
The news comes just a week after Intel received $7.86 billion in support from the U.S. government to boost domestic semiconductor production, and at a critical time when NVIDIA has significantly outpaced the company in the AI chip market.
“While we have made significant progress in restoring competitiveness in manufacturing, we know we have much more work to do and we are committed to restoring investor confidence,” said Frank Yeary, Independent Chairman.