Pat Gelsinger, CEO of Intel, resigns after a disastrous tenure

CNN — Intel Monday announced CEO Pat Gelsinger has resigned after a difficult stint at the company. A company in transition Gelsinger stepped down as CEO and resigned from Intel’s board effective December 1, the company said Monday. He will be replaced by interim co-CEOs David Zinsner, Intel’s chief financial officer, and Michelle Johnston Holthaus, general manager of Intel’s client computing group, as the company conducts a search for a permanent new CEO. “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Frank Yeary, Intel’s independent board chair, who has been named interim executive chair following Gelsinger’s exit, said in a statement. Intel’s new co-CEOs will oversee a risky and expensive bid to transition the company’s business model to manufacture processors for competitors like Apple, putting it into more direct competition with chipmaking giant TSMC.