Intel’s chief executive officer retired effective immediately, the legacy Silicon Valley stalwart announced Monday, a shakeup that follows an extended period of stock market underperformance for the semiconductor chipmaker.
Intel CEO Pat Gelsinger delivers a speech in June.
Intel’s CEO Pat Gelsinger retired effective immediately Sunday.
David Zinsner, the company’s chief financial officer, and Michelle Johnston Holthaus, the chief executive of Intel Products, will lead the company as interim co-CEOs.
The 63-year-old Gelsinger took over as Intel’s top decisionmaker in February 2021.
Shares of Intel rose 4% in premarket trading following the announcement.
-53%. That’s how much Intel stock returned during Gelsinger’s 3.5-year tenure as the chipmaker’s top executive. The benchmark S&P 500 stock index returned 69% during the timeframe, while fellow American chipmaker Nvidia skyrocketed more than 900%.
Intel’s extended stock market struggles notably came during a remarkably strong stretch for its top rivals as capital flowed into the companies powering the artificial intelligence revolution. Over the last decade, Intel is the 16th-worst-performing stock listed on the S&P, returning -16%, according to FactSet data. Meanwhile, Intel’s most notable competitors Nvidia and Advanced Micro Devices are by far the top-performing major American companies, as Nvidia exploded by nearly 28,000% and AMD 5,000%.
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