Intel CEO Pat Gelsinger has resigned. He has been with Intel since 1979. He took the post of CEO in February 2021.

According to Bloomberg, Gelsinger was forced to resign by the decision of the board of directors. There was a conflict between him and Intel's board of directors, which reached a climax last week. At the time, Gelsinger met with the board to discuss ongoing efforts to regain Intel's market share and close the gap with NVIDIA, sources told the agency.

According to them, Gelsinger was given the choice of either resigning on his own or being suspended, he chose the former.

Gelsinger was going to expand chip production as part of Intel's recovery program and build new production facilities. However, under him, the company's products lost competitiveness, the board of directors believed that this happened because of Gelsinger's desire to turn Intel into a custom chip maker for specific companies, Bloomberg writes.

Intel's other problem is artificial intelligence-based data processing technology. NVIDIA dominates in this area, and tens of billions of dollars have flowed to it, which at one time could have gone to Intel, the publication notes. While NVIDIA has become the world's most valuable company with a market value of $3.4 trillion, Intel is unable to enter the market with new products on a large scale, Bloomberg notes.

David Zinsner, Intel's vice president and CFO, and Michelle Johnston Holthaus, head of Intel Products, will serve as interim CEO.

Also interim executive chairman of Intel's board of directors will be Frank Yeary, who serves as independent chairman of the board.