Intel Chief Executive Officer Pat Gelsinger was forced out after the company's 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, 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.
Intel Chief Financial Officer David Zinsner and Executive Vice President Michelle Johnston Holthaus are serving as interim co-CEOs while the board searches for Gelsinger’s replacement, the company said in a statement. Frank Yeary, independent chair of the board of Intel, will serve as interim executive chair.
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