Intel announced Monday that CEO Pat Gelsinger has resigned, effective December 1, after a rocky stint leading the once-dominant chipmaker. Under Gelsinger’s leadership since February 2021, Intel faced fierce competition, production delays, and an inability to capitalize on the AI boom, leading to a 61% drop in its stock value.
The company, overshadowed by rivals like Nvidia, struggled despite efforts to revitalize domestic chip manufacturing supported by government funding. Nvidia, now the second-most valuable company globally, surged ahead by focusing on AI-related technologies, leaving Intel behind.
Gelsinger will be succeeded by interim co-CEOs David Zinsner and Michelle Johnston Holthaus. Intel’s leadership aims to simplify operations, enhance manufacturing, and pursue a transition into contract chip production for other companies—a high-risk, high-cost move aligned with the US government’s push for domestic chip production.
Meanwhile, Intel has faced setbacks, including a reduction in federal funding due to project delays, signaling continued challenges as it seeks to rebuild investor confidence and regain market relevance.
