Intel CEO Pat Gelsinger speaks at the Taipei Nangang Exhibition Center during Computex 2024 in Taipei on June 4, 2024.
Zheng Yihua | AFP | Getty Images
Intel Chief Executive Pat Gelsinger announced on Monday that he had retired from the company on Dec. 1, capping a tumultuous nearly four-year tenure at what was once the leading U.S. semiconductor company. During his tenure, the company’s stock price and market share plummeted.
Intel Chief Financial Officer David Zinsner and Intel Product Executive MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as interim executive chairman of Intel.
Intel shares rose 5% in premarket trading on Monday.
Gelsinger’s retirement comes a week after Intel, CHIPS and the Office of the Science Act finalized a $7.86 billion grant that will fund the company’s factory-building plans.
Gelsinger took over the troubled chipmaker in 2021, but the company’s situation has only worsened. Intel has fallen into a long slump as it has lost market share in its core business and been unable to break into the artificial intelligence market. The company’s shares have fallen 52% so far this year.
Intel revealed in September that it planned to transform the company’s foundry business into an independent subsidiary, a move that would provide external financing options. In August, Intel reported disappointing quarterly results, triggering its worst sell-off in 50 years, and said it would lay off more than 15% of its workforce as part of a $10 billion cost-cutting plan. CNBC reports that Intel has hired advisers to protect itself from activist investors.
In late September, it was reported that Qualcomm had contacted Intel about a possible acquisition.
—CNBC’s Rohan Goswami and Jordan Novet contributed reporting.
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