Intel fires CEO Pat Gelsinger

Pat Gelsinger has left his post as CEO of Intel and resigned from the company's board of directors. The company published a corresponding official statement. CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus will assume temporary leadership of the company for the transition period. Independent board member Frank Godey will serve as acting chairman of the board of directors.

Gelsinger began his career at Intel in 1979 and worked for the company until 2009. In 2021, he returned as CEO and initiated a major reorganization and cost-cutting measures. Amid news of Gelsinger's resignation, the company's shares rose 3% at the opening of trading on December 2, reaching $24.95 per share.

Intel has been facing serious financial difficulties in recent years and has been conducting massive layoffs. In this regard, rumors appeared about a possible takeover of the company by chip manufacturer Qualcomm.

Gelsinger's resignation is not the first high-profile departure of the head of Intel. In 2018, Brian Krzanich was fired and removed from the board of directors due to violations of corporate ethics. In particular, it was confirmed that he had an office romance with an employee, which was contrary to the company’s internal rules. The Board of Directors noted that such conduct is inconsistent with Intel's values ​​and standards.