Intel Corp (NASDAQ:INTC, ETR:INL) chief executive Pat Gelsinger has announced his immediate retirement from the Silicon Valley multinational after less than four years in the role.
Gelsinger took the helm in 2021 in an effort to steer Intel into a new age of microchip manufacturing.
Amid a declining share of the home computing market, Genlsinger sought to upgrade Intel’s chip manufacturing capabilities to attract blue-chip clients away from incumbent leaders like TSMC and Samsung.
A series of miscalculations, predominantly the decision not to invest in high-grade extreme ultraviolet (EUV) lithography technology, meant that Intel struggled to make any significant inroads.
That is despite receiving billions of dollars in state aid under US president Joe Biden’s CHIPS Act.
Intel has since had its government funding reduced, its workforce heavily reduced and rumoured discussions of a takeover bid from Qualcomm Inc (NASDAQ:QCOM, ETR:QCI) binned.
“Today is, of course, bittersweet as this company has been my life for the bulk of my working career,” said Gelsinger of his retirement. “I can look back with pride at all that we have accomplished together.
“It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”
Gelsinger has held various roles at Intel since the 1970s, including as chief technology officer between 2000 and 2005.
Intel’s struggles to keep up with newer computing trends like artificial intelligence is evidenced by its declining share price. Earlier this year, Intel share price fell to a 15-year low.
Finance chief David Zinsner and former chief revenue officer Michelle (MJ) Johnston Holthaus will take the helm as co-chief executives while the board seeks a permanent replacement.