Intel announced on Monday that CEO Pat Gelsinger has resigned from his position after facing challenges during his time at the company. Gelsinger, who took over as Intel's chief executive in February 2021, was tasked with revitalizing the iconic American tech giant, which was struggling against intense competition, production delays, and talent departures.
Despite efforts to turn the company around, Intel's stock plummeted by 61% during Gelsinger's tenure. The company also announced plans to lay off 15% of its staff in an attempt to reduce costs by $10 billion and implement fundamental operational changes.
