Leadership Shake-Up: Intel CEO Pat Gelsinger Steps Down Amid Chipmaking Challenges

Pat Gelsinger, the CEO of Intel, has resigned after less than four years, leaving the company amid its struggles to regain superiority in the chipmaking sector. Interim leadership has been appointed as the firm searches for a new CEO. Gelsinger's ambitious plans remain unfulfilled, and the company's market value is dwarfed by rivals. U.S. subsidies aim to support Intel's manufacturing revival.

In a major leadership change at Intel, CEO Pat Gelsinger has stepped down, leaving the company less than four years into his tenure. During his leadership, Gelsinger endeavored to restore Intel's top position in the assembly of fast and small computer chips, a title lost to its rival Taiwan Semiconductor Manufacturing Co.

Despite his ambitious plans, the market value of Intel has shrunk significantly, now over 30 times smaller than Nvidia, the reigning champion in the artificial intelligence chip sector. Investors and U.S. officials, who have heavily subsidized Intel's turnaround efforts, are left uncertain about the future, as Gelsinger's manufacturing strategy remains incomplete.

Interim leadership by Chief Financial Officer David Zinsner and senior executive Michelle Johnston Holthaus has been instated while the company's board searches for Gelsinger's successor. The announcement follows U.S. government subsidies aimed at revitalizing Intel's manufacturing prowess amidst rising competition and internal challenges.

(With inputs from agencies.)