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Intel CEO Pat Gelsinger Resigns Amid Market Decline

Breaking News

Updated on December 2, 2024

Published on December 2, 2024

Intel’s CEO, Pat Gelsinger, has retired as of December 1, 2024, after more than 40 years with the company. Intel announced the news on December 2, appointing David Zinsner and Michelle Johnston Holthaus as interim co-CEOs while the board searches for a permanent replacement.

Gelsinger’s time as CEO, starting in 2021, focused on fixing Intel’s struggles and investing in new technology, but the company still faces big challenges. Intel’s stock has dropped 52% this year, and it continues to lose ground to competitors in the semiconductor industry.

Intel’s leadership promised to focus on new products and improving operations during this transition. The company hopes to rebuild its position in the tech world under new leadership.

Intel CEO Pat Gelsinger has retired and stepped down from the board of directors just as the company is in the middle of trying to execute on a turnaround plan. https://t.co/TaiWYeOmKq
— Bloomberg (@business) December 2, 2024

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