12:37 PM EST, 12/02/2024 (MT Newswires) -- (Updates with Intel's ( INTC ) response.)

Intel ( INTC ) Chief Executive Pat Gelsinger was forced out after the board lost confidence in his plans to turn the company around, Bloomberg reported Monday, citing people familiar with the matter.

Gelsinger met with the board last week to discuss the chipmaker's progress on winning back market share and closing the gap with Nvidia ( NVDA ) , the people told Bloomberg. The board gave him the option to retire or be removed, and Gelsinger chose to announce he was stepping down, according to the people.

Intel ( INTC ) declined to comment to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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