In a surprise move, Intel CEO Pat Gelsinger has stepped down as head of the company after less than four years, as reported by Reuters and other outlets. The change caps a chaotic year for Intel, which is poised to report its first annual financial loss since 1986 and announced layoffs of at least 15,000 employees this year as it attempted to cut costs.
Intel CFO David Zinsner and Client Computing Group head Michelle Johnston Holthaus will be sharing the title of interim CEO while the company’s board of directors searches for a new CEO. Gelsinger has also stepped down from his seat on the board.
A statement from board chair Frank Yeary suggests that Intel plans to continue Gelsinger’s signature push into the chip foundry business.