Intel has confirmed the departure of its CEO Pat Gelsinger, who retired on December 1 and also resigned from the board of directors.
In the interim, David Zinsner and Michelle Johnston Holthaus, both executives at Intel, have been appointed as co-CEOs. Zinsner serves as Intel’s CFO while Holthaus, who is the General Manager of Intel’s client computing group, has been given a new role as the CEO of Intel Products. This new position covers Intel’s client computing group and its various businesses including data center, AI, network, and edge.
Frank Yeary, the independent chair of Intel’s board, will step in as the interim executive chair during this transitional period. According to Intel, there will be no changes in the leadership of Intel Foundry, their chip design and manufacturing department. In the meantime, the board at Intel has established a search committee to find a suitable permanent replacement for Gelsinger.
Reflecting on his career at Intel, Gelsinger expressed his gratitude and pride for the work they accomplished together. He acknowledged the challenges they faced but believed the tough decisions made were necessary for Intel’s positioning in the current market.
At the age of 18, Gelsinger started his career at Intel after graduating from Lincoln Tech. He was a significant part of Intel’s history, becoming the youngest VP at the age of 32 and leading key tech developments as Intel’s CTO from 2001. After leaving Intel in 2009, he rejoined the company as CEO at a time when it was facing pressure from investors to restructure.
However, Gelsinger’s tenure was not without its share of challenges. He faced criticism for his handling of relations with TSMC, optimism about Intel’s AI chips, and delays in transforming Intel into a chip fabricator for other companies.
Intel’s revenue declined to $54 billion in 2023, a significant drop from the year Gelsinger took the helm. Projections suggest that Intel is on track to report its first annual net loss since 1986, with an expected loss of $3.68 billion this year.
