Intel CEO Pat Gelsinger Departs Boardroom

Pat Gelsinger has been ousted as CEO of Intel after the board lost confidence in his turnaround plans amidst ongoing challenges for the company. His departure, effective immediately, follows increasing investor impatience and a call from former board members to split Intel into two distinct entities to address its struggles in chip manufacturing and design. Gelsinger, who returned to Intel in 2021, faced significant hurdles including competition from Nvidia and Apple's transition to its own chips, which exacerbated Intel's market share losses. The company's stock initially rose 5% following the announcement, indicating Wall Street's approval of the board's decision. Gelsinger's exit reflects a broader trend where even revered executives face swift consequences when turnaround efforts stall. Interim co-CEOs David Zinsner and Michelle Johnston Holthaus have been appointed as the company seeks a new direction.