Gelsinger Retires as Intel CEO Amidst Challenges

Intel CEO Pat Gelsinger has retired unexpectedly, effective December 1, 2024, amid significant corporate challenges and a declining market position. His departure follows the board's loss of confidence in his leadership due to the slow progress of his turnaround strategy, which included costly expansion plans to restore Intel's manufacturing leadership. Gelsinger was given the choice to retire or be removed, leading to the appointment of David Zinsner and Michelle Johnston Holthaus as interim co-CEOs. Intel has faced financial difficulties, including a $16.6 billion loss, a suspension of dividends, and a massive workforce reduction, as it struggled to compete with rivals like Nvidia and TSMC. The board is actively seeking a permanent replacement while maintaining its strategic goals to regain competitiveness. During Gelsinger's tenure, Intel received significant government aid to support its U.S. semiconductor manufacturing initiatives.