Intel CEO Pat Gelsinger Resigns Amid Challenges

Intel CEO Pat Gelsinger has resigned effective December 1 after a challenging tenure marked by fierce competition and disappointing financial results, with the company's stock dropping over 50% this year. CFO David Zinsner and General Manager MJ Johnston Holthaus will serve as interim co-CEOs while Intel searches for a permanent successor. Gelsinger had aimed to restore Intel's leadership in chip manufacturing, leveraging U.S. government support through the CHIPS and Science Act, which provided $7.86 billion for domestic production. Despite these efforts, Intel lost market value significantly, culminating in its replacement by Nvidia in the Dow Jones Industrial Average last month. Gelsinger expressed pride in his team's accomplishments but acknowledged the need for restoration of investor confidence amidst ongoing challenges. The board has initiated a search for Gelsinger's successor as the company continues to navigate the evolving semiconductor landscape.