Semiconductor company’s shares have slid as turnaround plans struggled to gain traction
Pat Gelsinger has abruptly stepped down as Intel chief executive, ending a nearly four-year run during which he failed to halt the Silicon Valley icon’s slide into turmoil. California-based Intel said on Monday that the 63-year-old would be replaced by chief financial officer David Zinsner and executive vice-president Michelle Johnston Holthaus, who will be interim CEOs until a permanent appointment is made.
” Intel shares initially rose on Monday following the announcement but later reversed course, slipping 0.5 per cent. After being appointed chief executive in 2021, Gelsinger had laid out a five-year plan to turn Intel into a chip manufacturing powerhouse to rival Taiwan Semiconductor Manufacturing Company.
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