Intel CEO Gelsinger forced out after board lost confidence in turnaround plan

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The Straits Times 2d ago

Intel CEO Gelsinger forced out after board lost confidence in turnaround plan - The Straits Times

Quick Summary:

CEO had started a turnaround plan of layoffs, asset sales.

The company named chief financial officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.

His departure comes well before the completion of his four-year roadmap to restore the company’s lead in making the fastest and smallest computer chips, a crown it lost to Taiwan Semiconductor Manufacturing Co, which makes chips for Intel rivals such as Nvidia.