After a clash over Gelsinger's plan to gain ground against rival chipmaker Nvidia, Intel's board gave the CEO the option to retire or step down.
Intel has seen its share price drop almost 50% this year as it has faced multiple challenges, including billions in losses, sweeping layoffs, and buyouts.
Gelsinger's plans to revitalize the company included ambitions to build more factories in the US and Europe to scale its production capacity.
The two CEO contenders reported so far have strong chipmaking backgrounds including semiconductor veteran Tan, who served on Intel's board between 2022 and this year.
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