Intel CEO steps down

Spread the love


The renowned chipmaker Intel is now seeking a replacement for its CEO, as it continues to face intense competition from Taiwan Semiconductor Manufacturing Co. (TSMC), the leader in producing the world’s fastest and smallest computer chips.

Pat Gelsinger, Intel’s CEO, has resigned after nearly four years at the helm. Leadership of the company has been temporarily handed over to two interim executives while the search for a permanent successor is underway.

Resignation amid strategic shifts

Gelsinger stepped down on December 1, leaving before the completion of Intel’s ambitious and costly four-year plan to reclaim its position as the top producer of cutting-edge computer chips. This title is currently held by TSMC, which manufactures chips for Intel’s competitors, including Nvidia.

Challenges for Intel

Despite remaining a dominant player in the PC and server markets, Intel has struggled to keep pace with the growing demand for chips powering artificial intelligence (AI). Earlier this year, the company announced plans to cut approximately 15,000 jobs globally—15% of its workforce.

While Gelsinger assured investors and U.S. policymakers backing Intel’s recovery efforts that the company’s manufacturing plans are progressing as intended, the results of these initiatives won’t be evident until next year.

Stock performance and leadership transition

Following the news of Gelsinger’s resignation, Intel’s stock rose on Monday, though it has lost more than half its value this year. Last month, Intel was replaced by Nvidia in the Dow Jones Industrial Average index, reflecting the growing dominance of its rival.

The company has appointed CFO David Zinsner and executive vice president Michelle Johnston Holthaus as interim co-CEOs. Intel’s board has also formed a committee to identify Gelsinger’s successor.

Leave a Reply

Your email address will not be published. Required fields are marked *

SPORT WORLD

Hulk Hogan, Legendary Wrestler and Pop Culture Icon, Dies at 71

Spread the love

Spread the loveThe wrestling community is in deep sorrow after the passing of Hulk Hogan, one of the sport’s most legendary figures. He died at the age of 71 due to cardiac arrest at his home in Florida, as reported by various outlets including TMZ and People. Born on August 11, 1953, Hogan rose to […]

Read More
TECH WORLD

Meta to Ban Political Ads Across EU Platforms Starting October

Spread the love

Spread the loveMeta has made a significant announcement: starting this October, it will prohibit all political advertising across its platforms in the European Union. The company cites legal uncertainties and operational challenges arising from new EU transparency regulations as the driving factors behind this decision. This move, disclosed on Friday, impacts Facebook, Instagram, Threads, and […]

Read More
WORLD

Cyprus Wildfire Under Control After Killing Two and Destroying Dozens of Homes

Spread the love

Spread the loveAuthorities in Cyprus have managed to get a devastating wildfire under control after three days of relentless firefighting efforts in the island’s southern mountainous region. Sadly, the blaze has claimed two lives and destroyed numerous homes, as reported by AFP. Nikos Longinos, the head of the local fire service, shared on Friday that […]

Read More