Gelsinger's retirement comes amid a turbulent period for Intel, highlighted by a 60% drop in stock price since he assumed the CEO role in February 2021.
"Today is, of course, bittersweet as this company has been my life for the bulk of my working career," Gelsinger remarked, reflecting on his long tenure with Intel.
Reports indicate that Gelsinger was forced out after losing the board’s confidence in his turnaround plans, culminating in a significant quarterly loss.
The company reported a staggering $16.6 billion net loss, the largest in Intel's 56-year history, during Gelsinger’s leadership.
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