Intel CEO Pat Gelsinger Resigns Amid Layoffs and Competition
Intel’s CEO, Pat Gelsinger, announced on Monday that he will be stepping down after three years in his role at the company. His decision comes at a challenging time for Intel, which is facing tough competition from other chipmakers in the midst of the AI boom.
Gelsinger has a long history with Intel, starting at the company in 1979 and eventually becoming its CEO in 2021 after a decade away. He expressed his gratitude for the opportunity to lead Intel, calling it the honor of his lifetime and recognizing the hard work of his colleagues.
Despite Intel’s efforts to stay competitive, the company recently announced layoffs affecting over 15,000 employees. This news follows Intel’s removal from the Dow Jones Industrial Average after over two decades, underscoring the challenges it currently faces in the market.
In Gelsinger’s absence, interim co-CEOs David Zinser and Michelle Johnston Holthaus will lead the company while the search for a new chief executive is underway. The board chair, Frank Yeary, emphasized Intel’s commitment to restoring investor confidence and continuing to improve its position in the industry.
As Intel navigates these changes, it remains a key player in the tech world, with a focus on regaining competitiveness and adapting to the evolving landscape of AI technology. Follow along for more updates on the latest news in finance and technology.