Pat Gelsinger has stepped down as CEO of Intel after the chipmaker's board lost confidence in his ability to turn the company's fortunes around. Gelsinger oversaw billions of dollars in new factories and AI technology but the company's stock ultimately dropped 60% under his leadership.
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00:00The head of U.S. chipmaker Intel, Pat Gelsinger, has resigned after less than four years as
00:06CEO.
00:08Reports say Intel's board lost confidence in Gelsinger's ability to turn the struggling
00:13company around.
00:15Gelsinger invested billions into new factories and AI technology at Intel, but the company's
00:20stock dropped 60 percent during his tenure.
00:24In August, the company said it would lay off 15 percent of its staff as it looked to cut
00:29$10 billion in costs.