SAN FRANCISCO: According to Reuters Intel’s CEO, Pat Gelsinger, has stepped down after the board questioned the effectiveness of his costly turnaround plan.
Gelsinger’s ambitious strategy to restore Intel’s chip leadership failed to meet expectations, leading to his ouster.
Intel, once dominant in chipmaking, now lags far behind competitors like Nvidia and TSMC in market value.
Gelsinger assured investors and U.S. officials that Intel’s manufacturing plans were on track, but progress has been slow.
Intel’s shares rose 4.1% after the announcement, but the stock has lost over half of its value in 2024.
