With effect from December 1, Intel CEO Pat Gelsinger retired, the firm stated Monday.
David Zinsner, Intel’s current CFO and executive vice president, and Michelle Johnston Holthaus, the company’s current CEO of Intel Products, were selected as interim co-chief executive officers by Intel while the board of directors looks for a new CEO.
Monday’s pre-market trade saw a 5% increase in Intel shares. The announcement of Gelsinger’s resignation follows a week in which Intel and the CHIPS and Science Act office completed a $7.86 billion grant that will finance the company’s ambitions to develop factories.
The company has only gotten worse since Gelsinger took over the faltering chipmaker in 2021.
Since losing market share in its main operations and failing to break into the artificial intelligence industry, Intel has been stuck in a long-term depression. So far this year, the stock of the company has dropped 52%.
Source (CNBC)
