Pat Gelsinger, Intel's chief executive officer (CEO), resigned at the end of last year, and the head of Intel's artificial intelligence (AI) semiconductor development will also leave the company. It is analyzed that the AI chip development plan pushed by former CEO Gelsinger was pushed to the back burner due to the opposition from the board.
According to Bloomberg News and others on 10th (local time), Justin Hotard, vice president in charge of Intel's data center and institutional sector of artificial intelligence (AI), will resign effective March 31.
Vice President Hotard's resignation comes just two months after former CEO Pat Gelsinger, who led Intel's reforms, left the company in December last year. He moved to Intel from Hewlett-Packard in February last year, but now is set to leave after just one year. He had been leading the AI chip development that former CEO Gelsinger ambitiously planned to catch up with AI chip leader Nvidia.
Since former CEO Gelsinger, who had been seeking Intel's revival while shouting for the 'reconstruction of the semiconductor kingdom,' stepped down, Intel has continued to face a dead end. He secured $7.865 billion (approximately 11 trillion won) in direct funding through the so-called 'Intel Support Act,' known as the 'Semiconductor Law,' from the U.S. government and pursued massive investments across the United States and the world.
However, in the midst of intensifying competition due to declining PC demand, revenue continued to decline, and in August, it was projected that the third-quarter performance would fall significantly short of market expectations, causing the stock price to plummet by as much as 26%, the largest drop since its listing.