Pat Gelsinger, the CEO of Intel, has announced his resignation after a two-year tenure marked by the company’s struggles to regain its footing in the semiconductor industry. Gelsinger, a former Intel veteran who returned to the company in 2021, aimed to revive Intel’s fortunes by investing heavily in new manufacturing facilities and cutting-edge chip technologies. However, the company faced significant challenges, including delays in rolling out its latest chip designs and intense competition from rivals like AMD and Nvidia. Intel’s market share and stock price have declined during Gelsinger’s tenure, leading to mounting pressure from investors and analysts. The company’s board of directors is now tasked with finding a new leader to navigate Intel through a critical period as the global chip shortage persists and the industry undergoes rapid technological advancements. Gelsinger’s resignation underscores the immense challenges facing traditional chipmakers in an increasingly competitive and rapidly evolving landscape.
Source: https://www.cnn.com/2024/12/02/tech/intel-ceo-pat-gelsinger-resigns/index.html