Intel CEO Pat Gelsinger unexpectedly resigns.

Intel's CEO, Pat Gelsinger, resigned on December 1st, less than four years after taking the helm of the company.

Gelsinger left Intel before completing an ambitious and costly four-year plan to restore the company's leading position in producing the fastest and smallest computer chips, a position Intel had lost to a Taiwanese semiconductor manufacturer that produces chips for Intel's rivals such as Nvidia, according to Reuters.

Pat Gelsinger at an Intel event in February 2024 in California (USA).

Gelsinger assured both investors and U.S. officials, who are subsidizing Intel's shift, that his production plan remains on track. But the full results won't be known until next year, when Intel aims to bring its flagship laptop chips back to its factories.

Intel's stock rose 3.7% in early trading after having lost more than half its value this year.

Intel has appointed Chief Financial Officer David Zinsner and Senior Executive Officer Michelle Johnston Holthaus as interim co-CEOs while the board searches for a new CEO. This move comes less than a week after U.S. officials granted Intel $7.86 billion in aid, according to Reuters.

Intel's board of directors has formed a search committee to appoint Gelsinger's successor.

"While we have made significant progress in regaining competitiveness in manufacturing and building the capacity to become a world- class factory, we know that we still have much work to do at the company and are committed to restoring investor confidence," Intel Chairman Frank Yeary emphasized in a statement.

Source: https://thanhnien.vn/ceo-intel-pat-gelsinger-bat-ngo-tu-chuc-18524120222292863.htm