Intel Corporation has announced the retirement of its CEO, Pat Gelsinger, effective December 1, 2024. Gelsinger’s departure marks the end of an impressive career spanning over 40 years in the technology industry, where he made significant contributions to Intel’s advancements and innovation. Alongside his retirement, he will also step down from the board of directors.
In the immediate wake of Gelsinger’s retirement, Intel has appointed David Zinsner and Michelle Johnston Holthaus as interim co-CEOs. Zinsner holds the position of executive vice president and chief financial officer, while Holthaus, now the CEO of Intel Products, oversees key divisions including the Client Computing Group, Data Center and AI Group, and Network and Edge Group. During this transition period, Frank Yeary will serve as the interim executive chair of the board.
Yeary expressed gratitude towards Gelsinger for his extensive service and emphasized the importance of focusing on product leadership to restore investor confidence and meet customer demands. The board has formed a search committee to find a permanent successor for Gelsinger and is dedicated to ensuring a smooth transition during this pivotal time.
Gelsinger reflected on his tenure as a bittersweet moment, expressing pride in the achievements made at Intel and gratitude towards his colleagues. His leadership helped drive innovation and positioned Intel to regain competitiveness in the semiconductor manufacturing sector.
Zinsner and Holthaus have reiterated their commitment to advancing Intel’s product offerings and meeting customer needs, emphasizing a focus on strengthening the product portfolio and improving operational efficiency.
Intel remains an industry leader committed to ongoing innovation in technology, and this leadership transition presents an opportunity for new strategies and renewed focus on excellence in product development and manufacturing.
This announcement comes as Intel navigates a challenging environment, and with the leadership of Zinsner and Holthaus, the company is poised to adapt and respond to evolving market dynamics.
This transition affirms Intel’s commitment to stability during a time of change, signaling optimism for the future as new leadership works to innovate and position the company favorably in the tech landscape.