Intel CEO Pat Gelsinger has resigned after three years leading the company, the chipmaker announced Monday.
Two senior executives, David Zinsner and Michelle Johnston Holthaus, will become Intel's interim co-CEOs as the company searches for a new chief executive officer.
“It has been the honor of my life to lead Intel,” Gelsinger said in a statement. “This group of people is some of the brightest and brightest in the industry, and I am honored to call each and every one of them my colleagues.” said.
“This company has been the center of my life for most of my career, so today is of course bittersweet,” he added. “We can look back with pride at all we have accomplished together.”
Gelsinger acknowledged that it's been a “challenging year” for the company, which has struggled to compete with rival chipmakers such as Nvidia amid the artificial intelligence (AI) boom. In August, the company announced it would cut about 15,000 jobs, or 15% of its workforce.
Nvidia replaced Intel in the Dow Jones Industrial Average last month, dealing a major blow to traditional chipmakers. The company has been one of the 30 stocks in the Dow Jones Industrial Average for more than 20 years.
“While we have made significant progress in restoring our manufacturing competitiveness and building our capabilities to become a world-class foundry, we recognize that we still have much work to do. We are committed to restoring investor confidence,” said Chairman Frank Yeary. members of Intel's board of directors said in a statement Monday.
Mr. Gelsinger joined Intel in 1979 and served as the company's first chief technology officer. After a decade away from the chipmaker, he returned in 2021 and took over the reins from Bob Swan, who led Intel for two years.
