Pat Gelsinger retires as Intel CEO with interim leaders appointed during search for successor
Intel announced that CEO Pat Gelsinger has retired after more than 40 years with the company, stepping down from his position and the board of directors effective December 1, 2024.
During the transition, David Zinsner, executive vice president and chief financial officer, and Michelle Johnston Holthaus, newly named CEO of Intel Products, will serve as interim co-chief executive officers.
Intel's board of directors has initiated a search for a permanent CEO and appointed Frank Yeary, independent chair of the board, as interim executive chair during this transition. The leadership shift occurs as Intel focuses on maintaining its manufacturing competitiveness and addressing strategic priorities.
Gelsinger, who joined Intel in 1979, served in various roles, including the company’s first chief technology officer, before becoming CEO in 2021. Reflecting on his tenure, Gelsinger said:
“Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together.
“It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”
Zinsner, who joined Intel in 2022, brings over 25 years of experience in semiconductors and technology, including leadership roles at Micron Technology and Analog Devices.
Holthaus, a 30-year veteran at Intel, previously served as executive vice president and general manager of the Client Computing Group and has held key sales and revenue leadership positions within the company.
Yeary highlighted the board's focus on addressing Intel’s operational and strategic challenges during the leadership transition:
“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.”
Intel’s interim co-CEOs, Zinsner and Holthaus, acknowledged Gelsinger’s contributions and outlined their focus on advancing Intel’s operational and strategic goals. They said:
“We are grateful for Pat’s commitment to Intel over these many years as well as his leadership. We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments.”
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.”
