Intel Corporation has announced the retirement of CEO Pat Gelsinger, effective December 1, 2024, marking the end of an impactful career that spanned more than 40 years. Gelsinger has also stepped down from the board of directors. In light of this transition, David Zinsner and Michelle Johnston Holthaus have been appointed as interim Co-CEOs. Holthaus will also take on the newly established role of CEO of Intel Products, which unites the company’s Client Computing Group, Data Center and AI Group, and Network and Edge Group. Frank Yeary, currently the independent chair of the board, will serve as the interim executive chair.
The Intel board of directors is actively seeking a permanent successor. Yeary expressed gratitude to Gelsinger for his dedicated service, highlighting his efforts to enhance Intel’s manufacturing capabilities and drive innovation. He indicated that while there’s been progress in re-establishing manufacturing competitiveness, there remains work to be done to boost investor confidence.
Gelsinger reflected on his tenure at Intel with pride, citing the significant achievements of the company during his leadership and the challenging decisions made to adapt to changing market conditions.
Zinsner, who has extensive experience in finance and operations within the tech sector, and Holthaus, a seasoned leader with nearly three decades at Intel, both expressed commitment to advancing Intel’s product offerings and meeting customer demands in the future.
This leadership transition occurs alongside Intel’s ongoing transformation efforts aimed at simplifying their product portfolio and enhancing operational efficiency. Despite the challenges that lie ahead, the co-leadership aims to strengthen Intel’s position in the competitive semiconductor market.
In conclusion, while the departure of Gelsinger marks a significant change for Intel, the appointment of Zinsner and Holthaus as interim leaders is seen as an opportunity to continue the company’s momentum and focus on critical advancements in technology and manufacturing. The commitment to developing innovative solutions can inspire confidence that Intel is on the right path forward.