Intel Corporation has announced the retirement of CEO Pat Gelsinger, marking the end of a remarkable career spanning over 40 years. His retirement will be effective on December 1, 2024, and he will also step down from the board of directors.
In the interim, David Zinsner and Michelle Johnston Holthaus have been appointed as co-CEOs while the board conducts a search for Gelsinger’s permanent successor. Zinsner currently serves as the executive vice president and chief financial officer, and Holthaus will also take on the newly established role of CEO of Intel Products, overseeing key segments of the company. Frank Yeary will step in as interim executive chair during this transition.
Yeary expressed gratitude for Gelsinger’s leadership, highlighting his role in revitalizing Intel’s manufacturing processes and pushing for innovation at a critical juncture for the company. He emphasized the board’s commitment to enhancing Intel’s product group and restoring investor confidence.
Gelsinger reflected on his years with Intel, stating that leading the company has been a highlight of his career. He recognized the challenges ahead, and expressed pride in the progress made during his tenure.
Zinsner and Holthaus committed to continuing Gelsinger’s focus on product leadership and meeting customer needs, indicating a focused strategy on improving operational efficiencies and profitability.
Intel will continue to pursue innovative technology solutions while navigating a competitive landscape. With experienced leaders in place during this time of transition, stakeholders can remain optimistic about the company’s future direction. The emphasis on product innovation and operational excellence suggests a proactive approach to tackling challenges in the semiconductor industry.
In summary, while Pat Gelsinger’s retirement marks a significant change for Intel, the appointment of capable interim leaders highlights a commitment to continuity and growth, ensuring that the company remains well-positioned for future success.