Intel CEO Forced Out by Board Frustrated With Slow Progress
- Gelsinger was given the option to retire or be removed
- Company’s CFO and product CEO will serve as interim leaders
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Intel Replaces Gelsinger With Two Interim Co-CEOs
Intel Corp. Chief Executive Officer Pat Gelsinger was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, adding to turmoil at one of the pioneers of the technology industry.
The clash came to a head last week when Gelsinger met with the board about the company’s progress on winning back market share and narrowing the gap with Nvidia Corp., according to people familiar with the matter. He was given the option to retire or be removed, and chose to announce the end of his career at Intel, said the people, who asked not to be identified because the proceedings weren’t made public.
