Pat Gelsinger steps down as Intel CEO after stock plunge

Intel Corporation announced the dismissal of CEO Pat Gelsinger, who had held this position since February 2021. During his more than 30-year career at the company, Gelsinger went from engineer to head of the corporation, playing a key role in the development of Intel. However, not at the best stage of the company’s life.

During the search for a new CEO, David Zinsner, executive vice president and chief financial officer, and Michelle Johnston Holthouse, head of the Intel Products division, were appointed interim leaders. The company’s board of directors has already begun a search for a permanent successor.

Gelsinger led Intel during a difficult period. During his time, the corporation actively developed contract manufacturing of chips in order to become one of the industry leaders by 2030. However, not all initiatives were successful: Intel continues to experience difficulties, including significant financial losses and dependence on third-party manufacturers, such as Taiwan’s TSMC. In addition, this summer the company carried out massive layoffs, affecting about 19 thousand employees.

Intel’s future will largely depend on the new leader, who will take on the task of restoring the company’s stability and strengthening its position in the semiconductor market.