On Monday, December 2, 2024, American chip manufacturer Intel announced that CEO Pat Gelsinger has resigned after leading the company for over three years.
Gelsinger stated in a released statement on Monday, “Leading Intel has been the honor of my lifetime—these people are the best and brightest in the industry, and I am privileged to call each of them colleagues.”
Intel has appointed Chief Financial Officer David Zinsner and Executive Vice President Michelle Johnston Holthaus as interim co-CEOs to temporarily oversee the company’s operations. A special committee has been formed by the board of directors to select a new CEO.
At the time of this announcement, the long-standing chip manufacturer is facing significant challenges. The company’s stock price has dropped by over half this year. Last month, its competitor Nvidia replaced Intel as a new component stock of the Dow Jones Industrial Average. For over twenty years, Nvidia has been one of the 30 “blue-chip” companies in the Dow Jones index.
Gelsinger acknowledged that this has been a “challenging year” for Intel. In August, the company announced cost-cutting measures, including laying off over 15% of its workforce, around 15,000 people, and suspending dividends starting from the fourth quarter.
Intel’s board chairman Frank Yeary stated in a released statement on Monday, “While we have made significant progress in restoring manufacturing competitiveness and building the ability to become a world-class foundry, we know there is still much work to be done, and we are committed to restoring investor confidence.”