Written by Stephen Nellis
(Reuters) – Intel Chief Executive Pat Gelsinger has stepped down less than four years after taking over the company's helm, handing over two lieutenants as the faltering US computing icon searches for a permanent replacement.
Gelsinger, who resigned on Dec. 1, left the company before the completion of an ambitious and expensive four-year strategy to regain the company's lead in making the fastest and smallest computers, a crown lost to Taiwan Semiconductor Manufacturing Co, which makes chips for Intel rivals such as Nvidia.
Although Gelsinger has assured both investors and US officials, who are sponsoring the transformation of Intel, that his production plans remain on track, the full results will not be known until next year, when the company intends to return the laptop chip to its factories. .
“While we have made significant progress in restoring manufacturing competitiveness and building capabilities to become a world-class facility, we know there is more work to do in the company and we are committed to restoring investor confidence,” said Frank Yeary, independent chairman. of the board, said the statement.
The company's shares rose nearly 5% in premarket trading. The stock has lost more than half its value this year, and was replaced last month by Nvidia in the blue-chip Dow Jones Industrial Average index.
The company named Chief Financial Officer David Zinsner and CEO Michelle Johnston Holthaus as interim chief executives while its board searches for a new CEO.
The company's board has formed a search committee to appoint Gelsinger's successor.
(Reporting by Arsheeya Bajwa in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila and Nick Zieminski)
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