Intel Corp. CEO Pat Gelsinger is stepping down as the company struggles to execute its turnaround strategy, which has failed to close the gap with competitors.
Gelsinger, who took the helm in 2021, oversaw efforts that ultimately did not yield the desired results, leading to his departure.
In the interim, Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, who will assume a new role as CEO of the product group, will serve as co-CEOs while the board seeks a permanent replacement.
Frank Yeary, the independent chair of the board, will take on the role of interim executive chair during this transition period.