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Intel CEO Pat Gelsinger was forced out after less than four years in the role. Gelsinger had been hired to turn around the struggling chipmaker, but the board lost confidence in his costly and ambitious turnaround plan. His strategy focused on positioning Intel as a major player in contract manufacturing, but he failed to attract enough customers to make the company's factories profitable. Additionally, Gelsinger was unable to develop an effective AI chip and oversaw a decline in Intel's revenue.
Gelsinger's departure raises questions about Intel's ability to recover. Despite receiving billions of dollars in subsidies from the US government, some experts are concerned that the funds may be misused.
Intel has appointed CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-CEOs while a search for a new CEO is underway.
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