Intel announces the retirement of its CEO Pat Gelsinger

SANTA CLARA, California -(BUSINESS WIRE)- Intel Corporation (NASDAQ: INTC) today announced that CEO Pat Gelsinger has retired from the company after a distinguished career spanning more than 40 years and has resigned from the board of directors, effective December 1, 2024.

Intel has named two senior executives, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-CEOs while the board conducts a search for a new CEO. Zinsner is executive vice president and chief financial officer, and Holthaus has been named to the newly created role of CEO of Intel Products, a group that encompasses the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX). Frank Yeary, independent chairman of Intel’s board, will become interim executive chairman during the transition period. Intel Foundry’s leadership structure remains unchanged.

The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger.

Yeary said, “On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel over a long career in technology leadership. Pat spent his formative years at Intel and returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in next-generation semiconductor manufacturing, while working tirelessly to drive innovation across 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 we have much more work to do at the company and are committed to restoring investor confidence. As a board of directors, we know first and foremost that we must put our product group at the center of everything we do. Our customers demand that from us, and we will deliver.” With MJ’s permanent elevation to CEO of Intel Products, along with his interim role as Intel co-CEO, we are ensuring that the product group will have the resources needed to deliver for our customers. Ultimately, returning to process leadership is critical to product leadership, and we will remain focused on that mission while driving greater efficiency and improving 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 and capital expenditures. We are working to create a leaner, simpler and more agile Intel.”

Gelsinger said: “Leading Intel has been the honor of a lifetime – this group of people is among the best and brightest in the business, and I am honored to call each and every one of them colleagues. Today is, of course, a bittersweet day, as this company has been my life for most of my professional career. I can look back with pride on all we have accomplished together. It has been a challenging year for all of us, with difficult but necessary decisions made to adapt Intel to current market dynamics. I am eternally grateful to the many colleagues around the world with whom I have worked as part of the Intel family.”

Throughout his career at Intel, Gelsinger has served in a variety of roles, driving significant innovations and advancing not only the business but the broader global technology industry. A highly respected leader and skilled technologist, he has been instrumental in focusing on innovation while creating a sense of urgency throughout the organization. Gelsinger began his career in 1979 at Intel, where he rose through the ranks to become its first Chief Technology Officer.

Zinsner and Holthaus stated, “We appreciate Pat’s commitment to Intel over the years and his leadership. We will redouble our commitment to Intel products and meeting customer needs. By advancing our product and process leadership, we will focus on driving profitability of foundry investments.”

Zinsner has more than 25 years of financial and operational experience in semiconductor, manufacturing and the technology industry. He joined Intel in January 2022 from Micron Technology Inc, where he was executive vice president and chief financial officer. Zinsner served in other leadership roles earlier in his career, including president and chief operating officer at Affirmed Networks and senior vice president of finance and chief financial officer at Analog Devices.

Holthaus is a proven CEO and leader who began her career at Intel nearly three decades ago. Prior to being named CEO of Intel Products, she was executive vice president and general manager of CCG. Holthaus has held a variety of management and leadership roles at Intel, including chief revenue officer and general manager of the Sales and Marketing Group, and global sales director of CCG.

Source: Intel