2024 witnesses fall of CEOs: 5 global giants part ways with top executives

Intel CEO Pat Gelsinger’s resignation on Dec. 1 made the company the fifth global giant to see its top executive step down in 2024, following Boeing, Starbucks, Nike and Stellantis.

Intel faced significant challenges in adapting to the demands of the artificial intelligence and cryptocurrency boom, highlighting the underlying economic issues. Once valued at $132 billion, the company’s market value dropped to $106 billion, while competitors like Nvidia soared to a $3.3 trillion valuation.

Intel also reported a $16.6 billion loss in the last quarter and was forced to forfeit part of an $8.5 billion U.S. government subsidy due to unmet commitments.

Gelsinger’s decision to cut 15% of the workforce next year, amounting to 15,000 jobs, was cited as his final misstep, reflecting the company’s ongoing transformation challenges.

The business world in 2024 has been defined by technological advancements, particularly in AI, and a record number of CEO departures due to mounting performance challenges. Research reveals that 25 CEOs of globally operating companies resigned within the first 11 months of the year.

Other repercussive resignations in 2024

• Boeing: One of the year’s most significant resignations came from Dave Calhoun, CEO of the multinational aviation and defense company Boeing, on March 25. Struggling with a series of accidents and technical issues, Calhoun announced plans to step down by the end of the year, securing a $32.8 million severance package. Meanwhile, Boeing’s labor force saw significant unrest, with 33,000 workers going on strike for over two months and securing a 25% wage increase over four years.

Nike: Another headline-grabbing resignation occurred at Nike, a global sports equipment manufacturer, as CEO John Donahoe stepped down on Sept. 19, after his retail-focused sales strategy faltered. Donahoe, who joined Nike from eBay in 2020, faced criticism for prioritizing direct sales over traditional retail partnerships. Elliott Hill, a retired Nike executive, has been appointed as his successor.

Starbucks: U.S.-based global cafehouse chain’s CEO Laxman Narasimhan also stepped down this year on Aug. 13, amid two consecutive quarters of declining revenue. The company had been the target of protests and boycotts over its perceived stance during Israel’s Gaza offensive. Brian Niccol has been named the new CEO.

Stellantis: CEO Carlos Tavares, known for his aggressive cost-cutting measures, resigned amid declining market performance. The automotive giant formed by the merger of PSA Group and Fiat Chrysler Automobiles in 2021 is now led by an interim executive board under Chairman John Elkann, with a new CEO expected to be announced in the first half of 2025.