Intel CEO Pat Gelsinger Steps Down Amid Strategic Overhaul

Intel CEO Pat Gelsinger is stepping down after leading the company for under four years. Amid a challenging period for Intel, Gelsinger's departure comes before completing a plan to regain chip manufacturing leadership. Interim co-CEOs await as the search for a permanent successor begins.

Intel's Chief Executive, Pat Gelsinger, has resigned, stepping down after less than four years at the helm. This change in leadership occurs as the iconic American chipmaker continues its search for a permanent replacement while facing intensified competition in the semiconductor industry.

Gelsinger's ambitious four-year plan to reclaim industry dominance left unfinished, lingering over the company's journey to produce leading-edge chips. Despite assurances to investors and U.S. officials supporting Intel's comeback efforts, the fruition of these plans will only be visible next year.

As the company battles market challenges, Gelsinger leaves Intel's share price more than halved this year. David Zinsner and Michelle Johnston Holthaus will serve as interim co-CEOs, guiding the firm while the board forms a search committee to find a new leader.

(With inputs from agencies.)