Intel CEO Pat Gelsinger retires from struggling chipmaker

Shares of the company have lost more than half their value this year

20241202N Intel CEO Gelsinger

 Intel CEO Pat Gelsinger delivers a speech in Taipei on June 4, 2024. © Reuters

(Reuters) -- Intel Chief Executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Gelsinger, who resigned on Dec. 1, left the company before the completion of an ambitious and costly four-year plan to restore the company's lead in making the fastest and smallest computer chips, a crown it lost to Taiwan Semiconductor Manufacturing Co., which makes chips for Intel rivals such as Nvidia.

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