Intel CEO resigns after a disastrous tenure
CNN
Intel Monday announced CEO Pat Gelsinger has resigned after a difficult three-year stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals.
Intel Monday announced CEO Pat Gelsinger has resigned after a difficult stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals. Gelsinger took over as Intel’s chief executive in February 2021, returning to the company at which he had spent decades of work, including as chief technology officer. He had left Intel for a stint as CEO of software giant VMWare. At Intel, Gelsinger was tasked with turning around the iconic American tech giant that was struggling against unprecedented competition, production delays and the departure of top talent. But during his tenure, the company’s prospects continued to decline, as it became clear the company had fallen behind on another major technology wave and despite billions of dollars in US government spending to support its domestic chip manufacturing. Intel’s (INTC) stock plunged 61% during Gelsinger’s tenure. The stock rose 4% in premarket trading. The company announced in August that it would lay off 15% of its staff as part of an effort to slash $10 billion in costs and “fundamentally change the way we operate,” as Gelsinger said at the time. This is a developing story and will be updated.
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