Intel CEO Pat Gelsinger has retired, the company said on Monday, following a tumultuous period for the chip pioneer that has struggled to keep up in the AI era with players like Nvidia dominating the market.
The company named chief financial officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs while its board conducted a search for a new leader.
Shares of the company rose nearly 5% in pre-market trading. They have lost more than half of their value this year.
Gelsinger was appointed as CEO in 2021 to spearhead a transformation of the chip maker, which was once at the helm of the US semiconductor industry but ceded its manufacturing lead to players like Taiwan’s TSMC.
“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, independent chair of the board, said in a release.
Under Gelsinger, Intel undertook a costly turnaround centred on making the company a contract manufacturer for other chip firms and reinvigorating its technological lead.
Read: How AMD went from budget Intel alternative to x86 contender
The company’s board has formed a search committee to appoint Gelsinger’s successor. — Arsheeya Bajwa, (c) 2024 Reuters
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