Intel Corporation has announced the retirement of its CEO, Pat Gelsinger, effective December 1, 2024. Gelsinger has had a notable 40-year career at Intel, where he played a pivotal role in driving technological innovation and revitalizing the company’s manufacturing processes since his return in 2021. He will also step down from the board of directors.
In the wake of Gelsinger’s departure, Intel has appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-CEOs while the board searches for a permanent replacement. Zinsner, currently the executive vice president and chief financial officer, will be joined by Holthaus, who has been appointed as CEO of Intel Products, overseeing critical units within the organization. Frank Yeary will serve as the interim executive chair during this transition.
Yeary thanked Gelsinger for his leadership and highlighted the progress Intel has made in improving its manufacturing capabilities and competitiveness in the semiconductor market. He emphasized the need to refocus on product leadership and commit to meeting customer demands. Holthaus and Zinsner echoed this sentiment, promising a focus on products and effective returns on foundry investments.
Gelsinger expressed gratitude for his tenure, reflecting on the accomplishments made during his time at Intel and acknowledging the challenges the company has faced recently. His contributions have been critical in shaping Intel’s direction, particularly in innovation and technological leadership.
As the company moves forward, this transition presents an opportunity for Intel to re-establish its position within the semiconductor industry, leveraging the experience of its new leaders while continuing to prioritize innovation and customer satisfaction.
This leadership change could signal a fresh start for Intel, as the new interim leaders aim to build on Gelsinger’s legacy by streamlining operations and keeping the company agile in a rapidly evolving market. Their commitment to enhanced product leadership could bode well for the company’s future as it navigates through competitive challenges.