Intel CEO Pat Gelsinger Was Dismissed By The Board After The Fatal Performance

Over the weekend, Intel fired CEO Pat Gelsinger, ending a turbulent nearly four-year stint at the top semiconductor company in America before the fall of its market share and stock price.
Following a heated board meeting last week over Gelsinger’s alleged inability to address Nvidia’s competitive advantage and a lack of faith in Gelsinger’s recovery plans, the business announced Gelsinger’s departure Monday morning, according to the sources who are familiar with the situation.
MJ Holthaus, the CEO of Intel products, and David Zinsner, the CFO of Intel, were appointed as interim co-CEOs. Frank Yeary, a longtime board member, will act as executive chair in the meantime. Intel’s stock fell 2% on Monday afternoon.
Yeary said
“We are working to create a leaner, simpler, more agile Intel,”.
The source, who asked to remain anonymous in order to freely discuss private board discussions, claimed that Yeary was a major factor in Gelsinger’s removal. A request for comment on the board meeting was not immediately answered by Intel.
Yeary, the board member with the longest tenure at Intel, will now have to oversee another CEO search. Before accepting a top position at EMC, Gelsinger, 63, had a distinguished career at Intel, rising to become the company’s first chief technical officer at the turn of the century. After serving as CEO of VMware, Gelsinger rejoined the firm in 2021 to stabilize Intel, taking over from Bob Swan.
Gelsinger stated in a press release
“It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics,”.
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