Intel CEO Pat Gelsinger Retires, Company Appoints Interim Co-CEOs

Intel Corporation has announced the retirement of its CEO, Pat Gelsinger, effective December 1, 2024, after a celebrated career that spanned more than four decades. 

Gelsinger, who also stepped down from the company’s board of directors, helped build Intel’s technology over the years. 

In his absence, Intel has appointed David Zinsner, the company’s chief financial officer, and Michelle Johnston Holthaus, formerly the executive vice president and general manager of Intel’s Client Computing Group, as interim co-CEOs.

Intel appointed Zinsner and Holthaus to maintain stability and drive the company’s product and manufacturing goals even as the transition takes place. 

Zinsner, with over 25 years of experience in finance and operations in the technology sector, has broad knowledge of semiconductor manufacturing, having previously held leadership positions at Micron Technology. 

Holthaus, who has been with Intel for nearly three decades, now holds the newly created position of CEO of Intel Products, overseeing the company’s various key divisions, including the Client Computing Group and Data Centre and AI Group.

Frank Yeary, Intel’s independent board chair, will take on the role of interim executive chair as the board searches for a permanent CEO. The company has formed a search committee, and Yeary has stated that the priority is to find a successor who can continue Intel’s journey of innovation while restoring investor confidence and improving profitability.

Gelsinger’s tenure at Intel, particularly after his return in 2021, included the revitalisation of the company’s manufacturing processes and helped Intel to compete more effectively with rivals like TSMC and Samsung. 

However, there were delays in major projects and struggles to meet expectations surrounding AI and chip manufacturing. 

Nonetheless, Gelsinger’s contributions to Intel’s growth, including his early work on processors like the 80486 and his leadership in the development of technologies such as Wi-Fi and USB, are widely recognised.

Speaking of his time at Intel, Pat Gelsinger said he was happy with the company’s accomplishments and grateful for the opportunity to lead a team of talented individuals. 

Even as he leaves the company, Zinsner and Holthaus will continue to focus on simplifying Intel’s product portfolio and advancing its manufacturing processes, ensuring that the company remains competitive in the global semiconductor industry.