Intel's Chief Executive Officer, Pat Gelsinger, has stepped down less than four years into his tenure. The American chipmaking firm's leadership is temporarily transitioning to two senior executives while the company undertakes the search for a permanent successor.
Gelsinger resigned on 1st December after the pivotal board meeting and a person close to the matter told Reuters that directors reportedly expressed dissatisfaction with Gelsingerโs ambitious and costly turnaround strategy and insufficient progress. Also, the board presented Gelsinger with the option to retire or face removal, making him go by the decision to step down from his role.
The resignation occurs right before the completion of his ambitious four-year plan to regain Intel's dominance in producing the fastest and smallest computer chips. The company lost this leadership position to Taiwan Semiconductor Manufacturing Co. (TSMC), which manufactures chips for key Intel competitors like Nvidia.
"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 board chair, said in a release.
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