When Pat Gelsinger came back to Intel, hopes ran high that he would restore one of Silicon Valley’s most famous brands to its former glory. Only two and a half years later, Gelsinger is gone, and the storied chipmaker is hemorrhaging cash and facing an uncertain future.
Intel’s shares rose 5% Monday after the company announced the 63-year-old Gelsinger, who began his career at the chipmaker in 1979, had retired from the position of chief executive and also stepped down from the board of directors. The move amounted to a vote of no-confidence from investors who had initially cheered Gelsinger’s turnaround plan, which included clawing back market share from chip design companies like Nvidia and semiconductor manufacturers like TSMC.
