He CEO of IntelPat Gelsinger, has been forced to leave office less than four years after taking the helm of the company. Gelsinger, who resigned on December 1, left after a board meeting last week in which directors felt that his expensive and ambitious turnaround of the company was not working and that the progress of the turnaround was not as fast enough.
The board told Gelsinger he could retire or be removed, and he chose to resign. His departure occurs long before his roadmap concludes four years to return the company to leadership in making the fastest, smallest computer chips, a crown it lost to Taiwan Semiconductor Manufacturing Co, which makes chips for Intel rivals such as Nvidia.
The company has named David Zinsner and Michelle Johnston Holthaus as interim co-CEOs while the board of directors conducts a search for a new CEO. Zinsner currently serves as vice president executive and chief financial officer, while Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the Client Computing Group (CCG), the Data Center and Artificial Intelligence Group (DCAI) and the company’s Network and Perimeter Group (NEX).
Likewise, Frank Yeary, independent chairman of the board of directors of Intel, will become interim CEO during the transition period, while the Intel Foundry leadership structure remains unchanged. As such, Intel’s board has formed a search committee and will work diligently and quickly to find a permanent successor to Gelsinger.
“Pat spent his formative years at Intel, then returned at a critical time for the company in 2021,” noted Yeary, for whom Gelsinger helped launch and revitalize process manufacturing by investing in next-generation semiconductor manufacturing. “While we have made significant progress in recovering the manufacturing competitiveness and creating the capabilities to be a world-class foundry, we know we have much more work to do in the company and we are committed to restoring investor confidence,” he concluded.
#Intel #CEO #Pat #Gelsinger #resigns #chip #manufacturing #rivalry
