Intel CEO retires as chipmaker loses ground in AI revolution

Intel's CEO is stepping down as the stalwart American chipmaker has struggled to keep pace with the artificial intelligence revolution.

The company announced Pat Gelsinger, who'd led the company since 2021 and logged more than 30 years in various positions with the chipmaker, had retired from the company effective Dec. 1.

“While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence," Intel's board chair, Frank Yeary, said in a news release.

Intel shares have declined 61% since Gelsinger took over.

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