In a surprising turn of events, Intel announced the sudden departure of CEO Pat Gelsinger, marking the end of a tumultuous three-year tenure. During this time, the company’s stock declined by over 50%, and tensions over its strategic direction have been brewing behind the scenes. According to reports, Intel’s board of directors discussed various transformative options, but Gelsinger opposed them, remaining committed to his vision of restoring Intel’s technological edge and developing its foundry services. However, fundamental disagreements about the company’s future trajectory ultimately led to Gelsinger’s departure. The split between Intel’s foundry and design businesses emerged as a particularly contentious issue, likely serving as a catalyst for the leadership change. In the wake of this transition, interim co-CEOs David Zinsner and Michelle Johnston Holthaus have been appointed, bringing complementary strengths to the leadership table. Their immediate focus will be to reassure the market about Intel’s stability and direction, while also accelerating the company’s transformation. This includes strengthening the product portfolio and advancing manufacturing capabilities, as emphasized by Intel’s board. The departure of Gelsinger and the appointment of interim co-CEOs raises questions about the company’s future, particularly as it faces strategic challenges such as catching up in the AI chip race and navigating complex manufacturing decisions.
