Pat Gelsinger has stepped down as Intel CEO after three years leading the company.
Two senior executives, David Zinsner and Michelle Johnston Holthaus, will serve as Intel’s interim co-CEOs during the search for a new CEO.
Driving the news: Intel struggled to compete with rival chipmakers like Nvidia, particularly amid the AI boom, and announced layoffs of about 15,000 jobs in August.
- Nvidia replaced Intel in the Dow Jones Industrial Average, highlighting the challenges faced by the legacy chipmaker.
What he’s saying: “Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague,” Gelsinger said in a statement.
- Gelsinger added, “Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together.”
