Intel Corporation has announced the retirement of CEO Pat Gelsinger, who will step down from his position effective December 1, 2024, after a remarkable 40-plus year career with the company. Gelsinger’s contributions have been significant, particularly during his return to Intel in 2021 when he helped revitalize the company’s manufacturing capabilities and fostered innovation in the semiconductor industry.
In the interim, David Zinsner and Michelle Johnston Holthaus have been appointed as co-CEOs. Zinsner, who is currently the executive vice president and chief financial officer, will share the leadership role with Holthaus, who has also been named the CEO of Intel Products. This newly created position will focus on key business segments including Client Computing, Data Centers and AI, and Network and Edge. Frank Yeary, the independent chair of the board, will serve as the interim executive chair during this transition period.
Yeary expressed gratitude for Gelsinger’s many years of service, noting his pivotal role in positioning Intel for the future. As the board seeks a permanent successor, it is committed to maintaining focus on product leadership and customer needs, which are seen as central to restoring investor confidence and profitability.
In his farewell message, Gelsinger reflected on his long personal journey with Intel, emphasizing pride in what the company has achieved and gratitude for his colleagues.
Moving forward, Zinsner and Holthaus have pledged to continue advancing Intel’s product and manufacturing capabilities. With Zinsner’s extensive experience in the semiconductor industry and Holthaus’s long-standing company leadership, Intel is poised to navigate the challenges ahead while driving innovation.
This leadership transition, while significant, presents an opportunity for Intel to build upon its foundation of innovation and customer commitment. As the new co-leaders step in, there is hope for a renewed focus on making Intel a more agile and competitive entity in the fast-evolving tech landscape.
In summary, Pat Gelsinger’s retirement marks the end of an era at Intel but also opens a new chapter for the company with leaders dedicated to innovation and operational efficiency. The strategic changes implemented in the leadership structure aim to position Intel strongly for the future as it seeks to enhance its market presence and customer service.