Chief Executive Officer of Intel, Pat Gelsinger, has been forced out less than four years after taking the helm of the company, handing control to two lieutenants, David Zinsner and Michelle Johnston Holthaus, who will act as interim co-CEOs, as the faltering American chipmaking icon searches for a permanent replacement.
Gelsinger, who resigned on December 1, left after a board meeting last week during which directors felt Gelsinger’s costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough, according to a person familiar with the matter.
The board told Gelsinger he could retire or be removed, and he chose to step down, according to the source quoted by Reuters.
The company was once a dominant force in the semiconductor industry but has been eclipsed by rival Nvidia, which has cornered the market for chips that run artificial intelligence systems.
Gelsinger started at Intel in 1979 and was its first chief technology officer. He returned to the company as chief executive in 2021.
Gelsinger said his exit was “bittersweet as this company has been my life for the bulk of my working career,” he said in a statement.
“I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”
