Catenaa, Tuesday, December 03, 2024-Pat Gelsinger, Intel’s CEO since 2021, has stepped down following a challenging tenure marked by production delays, declining stock performance, and missed opportunities in artificial intelligence (AI) technologies.
Gelsinger, once seen as the company’s turnaround hope, resigned effective December 1, leaving the company to interim co-CEOs David Zinsner and Michelle Johnston Holthaus.
During Gelsinger’s leadership, Intel grappled with intensified competition, losing significant market share to rivals like Nvidia, whose AI-driven chip dominance propelled it to a $3.4 trillion market value, far eclipsing Intel’s $104 billion.
Despite US government backing through the CHIPS Act, Intel faced setbacks, including a reduced federal grant due to project delays.
Intel’s board emphasized a renewed focus on simplifying operations, enhancing manufacturing capabilities, and restoring investor trust. Under new leadership, the company aims to transform its business model, including manufacturing processors for competitors such as Apple.
The resignation highlights Intel’s urgent need to reclaim its leadership position in the semiconductor industry amidst rapid advancements in AI and cloud technologies.
