Intel's CEO Pat Gelsinger resigns after company struggles intensify

In the United States, Intel Corporation's CEO Pat Gelsinger announced his retirement on December 1, 2024, following pressure from the company's board of directors. Gelsinger, who rejoined Intel in 2021 after a long career, had been working to reclaim the company's leadership in the semiconductor sector but faced ongoing challenges. The company struggled to compete effectively with rivals like Nvidia, which has capitalized on the booming demand for artificial intelligence technologies. During Gelsinger's leadership, Intel's stock price declined by more than 60%, along with disappointing financial results, which ultimately led to shareholder frustrations and heightened scrutiny from the board. As a result of the turmoil, Intel appointed David Zinsner and Michelle Johnston Holthaus as interim co-CEOs while they search for a permanent successor. This leadership change underscores the urgent need for Intel to regain its competitive edge and restore investor confidence in a rapidly evolving technology market. The future of Intel remains uncertain as it seeks to navigate the challenges posed by its rivals while pursuing its ambitious goals for growth and innovation.