Gelsinger, who resigned on December 1, left after a board meeting last week during which directors felt his costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough, according to a person familiar with the matter. The board told Gelsinger he could retire or be removed, and he chose to step down, according to the source.
Gelsinger in 2021 inherited a company rife with challenges that he compounded. Setting lofty ambitions for manufacturing and AI capabilities among major clients, Intel ultimately lost or cancelled contracts under his watch, and was unable to deliver the promised goods, according to a Reuters special report in October.
He made optimistic claims about prospective AI-chip deals that exceeded Intel’s own estimates, leading the company to scrap a recent revenue forecast about a month ago.
Source link
