Pat Gelsinger, the long-serving CEO of Intel, has retired, marking the end of a four-decade-long career that shaped both the company and the tech world.
According to Bloomberg, Intel’s board lost confidence in CEO Pat Gelsinger’s leadership following a recent meeting that scrutinised the company’s performance and strategic plans. Because of the meeting, Gelisnger was presented with two choices — either to resign or be removed. Gelsinger opted to step down.
Gelsinger’s journey with Intel started in 1979 when he joined as a young engineer, quickly making his mark and eventually becoming the company’s first Chief Technology Officer.
After a stint away, he returned as CEO in 2021 to guide Intel through a transformative era. However, his departure comes at a challenging time for the chipmaking giant, as it struggles to keep pace with fierce competitors like NVIDIA and AMD.
Gelsinger has also stepped down from his role on Intel’s board of directors, leaving a leadership gap that will be temporarily filled by interim co-CEOs David Zinsner and Michelle Johnston Holthaus. The search for a permanent successor has already begun, as the company looks to stabilise its position and regain lost ground in the semiconductor market.
Funding woes compound Intel’s challenges
Among its many woers Intel is facing a cut in federal funding for its semiconductor manufacturing projects. Earlier this year, the Biden administration had announced up to $8.5 billion in direct funding for Intel, along with $11 billion in loans, as part of a broader effort to bolster the US semiconductor industry.
However, recent adjustments have reduced Intel’s share of this funding, partly due to the company’s separate $3 billion contract to supply chips to the military.
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