Intel Corporation’s Chief Executive Officer Pat Gelsinger was removed from his position after the board lost confidence in his plans to revive the company’s struggling business. The decision came after a meeting with the board, where Gelsinger was given the option to retire or leave the company. Instead of retiring, he announced his departure, citing a desire to end his career at Intel. As part of the transition, CFO and product CEO will serve as interim leaders, signaling further upheaval in the technology industry pioneer.
Source: https://www.bloomberg.com/news/articles/2024-12-02/intel-ceo-pat-gelsinger-retires-amid-chipmaker-s-turnaround-plan