Intel Corporation (INTC) is facing significant criticism following the abrupt departure of its CEO, Pat Gelsinger. The company's stock has been on a downward trajectory, falling for three consecutive days, as investors and analysts express concerns over the board's handling of the leadership transition.

The initial announcement of Gelsinger's exit on Monday was met with a brief rally in Intel's stock, as some investors speculated that the change could lead to strategic shifts beneficial to shareholders. However, the optimism was short-lived, and the stock has since plummeted, closing at $21.96 on Wednesday, a 2.3% drop for the day and nearly 9% down for the week.

Industry analyst Patrick Moorhead criticized the Intel board for its lack of transparency and planning, stating that the board "ghosted" Gelsinger without providing a clear explanation or naming a permanent successor. This has left investors in a state of uncertainty, particularly as Intel faces stiff competition from rivals like Nvidia (NVDA) and AMD (AMD).

Gelsinger's departure comes amid Intel's ongoing struggles to regain its footing in the semiconductor industry. Under his leadership, Intel attempted to pivot towards becoming a foundry, manufacturing chips for other companies, a move that has yet to yield significant results. The company's market value has shrunk dramatically, now more than 30 times smaller than Nvidia's.

In the interim, Intel has appointed CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus as co-CEOs while the search for a permanent replacement continues. The board's decision to remove Gelsinger from his board seat has been interpreted as a strong signal of dissatisfaction with his performance.

Analysts from Cantor have expressed skepticism about Intel's ability to quickly resolve its challenges, noting that the issues facing the company are not solely attributable to Gelsinger. They have maintained a hold rating on the stock, citing the lack of a "quick fix" for Intel's problems.

The situation at Intel highlights broader concerns in the tech industry, where companies are grappling with rapid changes and intense competition. As Intel searches for new leadership, the pressure is on to find a CEO who can navigate these challenges and restore confidence among investors.