Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who also stepped down from the company's board, per the AP. The apparent ousting of Gelsinger, whose career spanned more than 40 years, underscores the turmoil at Intel. The company was once a dominant force in the semiconductor industry but has been eclipsed by rival Nvidia, which has cornered the market for chips that run artificial intelligence systems.
Nvidia's ascendance was cemented earlier this month when it replaced Intel on the Dow Jones Industrial Average. Gelsinger started at Intel in 1979 at Intel and was its first chief technology officer. He returned to Intel as chief executive in 2021. Gelsinger's departure comes as Intel's financial woes have been piling up. The company posted a $16.6 billion loss in the most recent quarter. Gelsinger announced plans in August to slash 15% of its huge workforce—or about 15,000 jobs—as part of cost-cutting efforts to save $10 billion in 2025.
Unlike some rivals such as Nvidia, Intel manufactures chips in addition to designing them. Shares of the company based in Santa Clara, California, rose 2.6% in morning trading, though its stock has shed 42% in the past year. As for the interim co-CEOs, Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client computing group, data center, and AI group.
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