The head of the troubled Intel company, Pat Gelsinger, unexpectedly resigns. The manager left the company on December 1, resigning from the board of directors, the semiconductor giant announced on Monday in Santa Clara, California.
Until a successor is found, the dual leadership of David Zinsner and Michelle Johnston Holthaus will lead the company at Intel. Zinsner is currently responsible for the finance department, while Holthaus takes over management of several Intel divisions in a newly created position.
Turbulent times
Gelsinger leaves Intel during turbulent times. The manager returned to Intel in 2021 as a restructuring manager and has since tried to whip the group into shape with new technologies and factories while taking austerity measures. According to previous information, about 15,000 jobs, or about 15 percent of the workforce, will be lost.
As part of the cost-saving measures, the group also decided last quarter to postpone the billion-dollar construction of a chip factory in Germany for probably two years.
Intel once dominated the semiconductor market, but has been struggling with problems for years. Graphics card specialist Nvidia has taken a leading position, especially in the business with artificial intelligence chips.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
