Intel CEO Pat Gelsinger resigned on December 1, after the board reportedly frustrated him and forced him to step down due to the company’s long struggle to keep up with competitors such as Nvidia and TSMC. According to a Bloomberg report, the board has lost confidence in Gelsinger’s strategy to revive the struggling chipmaker. Gelsinger’s ouster marks a significant leadership change at one of the world’s leading technology companies.

The decision came after a tense board meeting last week, where Gelsinger outlined Intel’s plans to gain market share and compete with rivals like Nvidia. Sources cited in the report revealed that Gelsinger was given two options: announce his retirement or face dismissal. He chose to retire, ending his tenure at Intel.

In the interim, CFO David Zinsner and EVP Michelle Johnston Holthaus have been appointed as co-CEOs while the board searches for a permanent successor. Additionally, Independent Chairman of the Board Frank Eyre will temporarily serve as Acting Chairman. Intel’s leadership team has focused its attention on stabilizing operations and rebuilding investor confidence.

Intel faces significant challenges in the growing field of artificial intelligence (AI) computing, a market where Nvidia has dominated. Once seen as a niche player, Nvidia has transformed its graphics chips into indispensable tools for AI and data centers, carving out its place as the world’s most valuable publicly traded semiconductor company. . In contrast, Intel’s efforts to gain a foothold in this profitable sector have still not achieved sufficient progress.

In a statement, Pat Gelsinger shared his mixed feelings about stepping down. “Today is definitely bittersweet because this company has been my life throughout my working career,” he said. Acknowledging the difficulties of the past year, he defended the challenging decisions he had made to adapt the company to market demands.

Board member Frank Yeary said, “While we have made significant progress in achieving manufacturing competitiveness and building the capabilities to become a world-class foundry, we know we have much more to do in the company and we are committed to restoring investor confidence. Committed to doing.” ,

Gelsinger’s departure could signal a significant change in Intel’s strategy as it attempts to regain its position in the semiconductor industry. The company faces increasing pressure to innovate and meet the needs of a rapidly changing market.