Intel's Leadership Shake-up: Pat Gelsinger's Exit Signals Strategic Pivot

Pat Gelsinger steps down as Intel CEO after less than four years, handing control to interim leaders amid strategic challenges and financial setbacks. The move comes as the company grapples with lost market dominance and ambitious turnaround plans under scrutiny. Intel’s search for a permanent successor begins amidst industry shifts.

Pat Gelsinger has stepped down as Intel's CEO, less than four years after assuming the role. The decision follows a board meeting where directors expressed dissatisfaction with the progress of his strategic turnaround plan. Gelsinger's departure sees interim leadership by CFO David Zinsner and executive Michelle Johnston Holthaus.

During Gelsinger's tenure, Intel aimed to regain its lost crown in chip manufacturing but faced competition from Taiwan Semiconductor. His grand promises and spending spree resulted in unmet goals, canceled contracts, and a significant drop in stock value, sparking takeover interests and financial woes for the American chip giant.

Intel's board has initiated a search for Gelsinger's permanent replacement, emphasizing the need for new leadership to navigate complex market challenges, including becoming a contract manufacturer. The strategic shake-up occurs as the company's financial health and competitive stature hang in the balance.

(With inputs from agencies.)