Intel CEO Gelsinger forced out after board lost confidence in turnaround plan

Intel Chief Executive Pat Gelsinger has been forced out 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 after a board meeting last week during which directors felt Gelsinger’s 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.