Intel announced that CEO Pat Gelsinger has retired, effective December 1, and has stepped down from the company’s board.
In his place, David Zinsner, Intel’s CFO, and Michelle Johnston Holthaus, GM of the client computing group, have been named interim co-CEOs.
Holthaus will also assume the new role of CEO of Intel Products, overseeing multiple divisions including client computing, data center, AI, and networking.
Frank Yeary, Intel’s independent board chair, will take on the role of interim executive chair during this transition.
While changes are underway at the top, the leadership structure at Intel Foundry, the chip manufacturing arm, will remain intact.
Intel’s board has also begun searching for a permanent successor.
Gelsinger’s career at Intel began in his teens, and he was instrumental in developing major technologies like Wi-Fi and USB.
After leaving Intel for a stint at VMware, he returned to lead the company through a tough period marked by investor pressure and strategic challenges.
Despite ambitious goals, such as ramping up manufacturing to compete with TSMC and Samsung, Intel faced setbacks under his leadership, including delayed projects and revenue declines.
In 2023, Intel’s revenue fell to $54 billion, a 30% drop from the year Gelsinger took over, with the company facing a projected loss of $3.68 billion for 2024.
