Intel's Leadership Shake-Up: Pat Gelsinger Steps Down Amidst Strategic Challenges

Intel CEO Pat Gelsinger resigns after nearly four-year tenure, amidst challenges in restoring the company's chip dominance. Despite ambitious plans, Intel's market position weakened against rivals like Nvidia. As the company searches for new leadership, interim CEOs and a board search committee take charge.

Intel Corp. faces a pivotal moment as CEO Pat Gelsinger resigns after nearly four years, leaving two interim leaders at the helm. Gelsinger's ambitious turnaround plan aimed to reclaim Intel's dominance in chip manufacturing, but the company struggled to regain its market position, especially against Taiwan Semiconductor Manufacturing Co.

Under Gelsinger's leadership, Intel's market value dwindled, overshadowed by Nvidia's rise as the AI chip leader, posing further challenges. As Gelsinger ensures investors and officials of ongoing manufacturing efforts, Intel awaits results from a critical laptop chip expected next year.

Shares of Intel rose after the announcement, following a substantial drop in stock value. The board initiated a search for Gelsinger's successor, marking a period of transition. As Intel navigates through spending cuts and strategic shifts, the tech giant strives to rebuild investor confidence.

(With inputs from agencies.)