Pat Gelsinger has retired as the CEO of Intel, with CFO David Zinsner and senior executive Michelle Johnston Holthaus taking over as interim co-CEOs as the board seeks a new leader. The move comes after a challenging period for Intel which has seen a significant drop in stock value despite efforts to transform the company into a leading contract manufacturer for other chip firms.
Pat Gelsinger has retired from his role as CEO of Intel following a challenging period for the chip giant, which has struggled to compete with companies like Nvidia in the era of artificial intelligence. In his place, the company has appointed chief financial officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs as the board initiates a search for a new leader.
The company's shares have seen a nearly 5% rise in pre-market trading, despite losing more than half of their value this year. Under Gelsinger, Intel has made efforts to regain manufacturing competitiveness and establish itself as a leading contract manufacturer for other chip firms. However, these efforts have not been enough to restore investor confidence
Intel Pat Gelsinger David Zinsner Michelle Johnston Holthaus Interim Co-Ceos AI Semiconductor Industry Nvidia Stock Market
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