Pat Gelsinger, CEO of Intel, has announced his retirement following significant challenges in the multinational corporation’s struggles with the competition against other major players in the chip industry like Apple.
Gelsinger’s stepping down was announced on December 1st, marking the end of a career that lasted 40 years in the company. Intel was facing a big challenge when Apple made it known that they would be making a transition from Intel processors to their own custom chips for use with their Macs starting with the M1 chip, surpassing what Intel had to offer at the time with this decision signaling a considerable change in the chipmaking industry.
He replaced CEO Bob Swan in 2021 by rejoining Intel at a crucial moment, and as an incoming CEO he implied that Intel will have to deliver products that are better and superior for the PC ecosystem than what a lifestyle company, pertaining to Apple, can offer. Despite the efforts made by Gelsinger, Intel still faced major challenges in keeping up with its market value and revenue during his tenure, and the share price of the company has seen a huge decline.
