23 sources·Business

Intel CEO Pat Gelsinger Resigns Amid Financial Turmoil and Board Pressure

Pat Gelsinger has stepped down as Intel CEO following significant losses and internal board dissatisfaction over his turnaround strategy.

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Updated: Dec 2nd, 2024, 10:02 PM ET

Summary

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Intel CEO Pat Gelsinger has resigned amid profound financial challenges, including a $16.6 billion loss and a plummet in stock prices. His departure, effective December 1, 2024, follows board concerns about the effectiveness of his ambitious turnaround strategy. Gelsinger will be succeeded temporarily by David Zinsner and Michelle Johnston Holthaus while the company seeks a permanent replacement. Under Gelsinger's leadership, Intel's stock has fallen about 60% and the company has faced significant restructuring, job cuts, and halted dividends in a bid to regain market share against competitors like Nvidia.

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