Intel Corporation announced on Monday that CEO Pat Gelsinger has retired, concluding a distinguished career spanning over 40 years. Gelsinger also stepped down from the company's board of directors, effective Dec. 1, 2024.
Intel has appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-chief executive officers while the board of directors searches for a permanent CEO. Zinsner, currently the executive vice president and chief financial officer, will share leadership responsibilities with Holthaus, who was recently named CEO of Intel Products. This newly established role oversees the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX).
Frank Yeary, independent chair of Intel's board, will serve as interim executive chair during the transition period. The leadership structure for Intel Foundry remains unchanged. The board has formed a search committee and is committed to swiftly identifying Gelsinger's permanent successor.
Yeary said, "On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership. Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."
Yeary continued, "While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence. As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them. With MJ's permanent elevation to CEO of Intel Products along with her interim co-CEO role of Intel, we are ensuring the product group will have the resources needed to deliver for our customers. Ultimately, returning to process leadership is central to product leadership, and we will remain focused on that mission while driving greater efficiency and improved profitability."
Yeary concluded, "With Dave and MJ's leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel."
