Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.

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 ac

CFO David Zinsner will step in as interim co-CEO as Intel races to regain lost ground in the GenAI race after reporting a record loss of $16.6 billion for its most recent quarter.

A new boss will have to decide whether to abandon the company’s hopes of becoming a chip-manufacturing leader.

Gelsinger's severance is in line with the terms of his CEO employment agreement with Intel "in the event Mr. Gelsinger's employment is terminated by Intel without 'Cause' or he voluntarily resigns for Good Reason." It starts with a payment of 18 months of his annual base salary of $1.25 million, yielding nearly $1.9 million.

Pat Gelsinger retires as Intel’s CEO David Zinsner and Michelle Johnston Holthaus appointed interim co-CEOs Intel’s most recent quarterly revenue had dropped 6% as it undergoes restructuring efforts After a near four-year stint as CEO of Intel,

Intel on Monday announced the retirement of chief executive Pat Gelsinger. The move, which was effective Sunday, comes as the U.S. chipmaker struggles to keep up in the hypercompetitive semiconductor market and as its stock price has tumbled.

On Monday, Intel announced that its CEO Pat Gelsinger was stepping down from his post after more than three years.

Intel's CEO exit reignites discussions on splitting off factories, with questions about financial recovery and CHIPS Act funding.