Intel has announced that its CEO Pat Gelsinger has unexpectedly retired on December 1. This ends his more than 40-year career. David Zinsner and Michelle Johnston Holthaus have been appointed as co-CEOs while the board of directors conducts a search for a new CEO.
Intel has been facing various problems in recent years, forcing the company to lay off thousands of workers, close several factories in Europe and reduce the scale of its factory in Penang to stabilize the company's finances. Recently, there have been rumors that Qualcomm is trying to buy Intel's design business. However, Intel is still the largest recipient of nearly $8 billion in CHIPS Act funds to restore chip manufacturing capacity in the United States
The loss of Apple as a customer, issues with Intel's gen-13 and gen-14 chips and Intel's failure to produce AI chips that would compete with NVIDIA have all contributed to the company's fortunes being affected.