Market Data 
- Intel’s CEO Pat Gelsinger stepped down on December 1, the company said Monday.
- Intel has struggled to keep up with rivals like Nvidia during the global chip race in recent years.
- Intel’s share price climbed 6% in premarket trade after the news of Gelsinger’s departure.
Intel’s CEO Pat Gelsinger has stepped down, the company said in a statement Monday, as the US-based chipmaker struggles to keep up in the global chip war.
Gelsinger leaves the chipmaker with immediate effect, vacating his role both as CEO and as a member of the board.
Two senior Intel executives, David Zinsner and Michelle Johnston Holthaus, will take interim charge during the search for a new CEO.
Intel’s share price has dropped almost 50% so far in 2024. It has battled to keep up with rivals like Nvidia and Qualcomm as global demand for chips surges amid the AI boom.
Frank Yeary, Intel’s chairman, thanked Gelsinger and said the company needed to restore investor confidence.
“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Yeary said.
Gelsinger joined Intel in 1979 and rose to become its chief technology officer in 2001. He then left the company in 2009 to join EMC, a subsidiary of Dell. In 2012, he became CEO of cloud-computing firm VMWare, before returning to Intel as CEO in 2021.
Intel’s stock price rose 6% in premarket trading on Monday.
