Effective Dec. 1, 2024, Intel Corporation CEO Pat Gelsinger has retired from the company and stepped down from the board of directors. (Credit: Intel Corporation)
Effective Dec. 1, 2024, Intel Corporation CEO Pat Gelsinger has retired from the company and stepped down from the board of directors. (Credit: Intel Corporation)
Intel Corporation has announced that its Chief Executive Officer, Pat Gelsinger, is retiring effective December 1, 2024, after a remarkable career spanning more than 40 years. Gelsinger also stepped down from the company’s board of directors, marking the end of an era defined by innovation and strategic transformation at Intel.
To ensure seamless leadership during this transition, Intel has named Executive Vice President and Chief Financial Officer David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-CEOs. Holthaus has also been elevated to the newly created role of CEO of Intel Products, a group encompassing the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX). Frank Yeary, independent chair of Intel’s board, will take on the role of interim executive chair while the company searches for Gelsinger’s permanent successor.
A Legacy of Innovation and Transformation
Pat Gelsinger’s tenure at Intel is marked by significant contributions to the global technology industry. Starting his career at Intel in 1979, Gelsinger became the company’s first Chief Technology Officer and played an instrumental role in advancing semiconductor manufacturing. He returned as CEO in 2021 during a pivotal period, spearheading efforts to revitalize Intel’s manufacturing processes and bolster its innovation strategy.
“Leading Intel has been the honor of my lifetime,” Gelsinger said. “While this year has been challenging, I am proud of what we have accomplished together to position Intel for future success.”
Under his leadership, Intel made substantial progress in regaining manufacturing competitiveness, investing in state-of-the-art semiconductor technology, and redefining its strategic focus.
Interim Leadership to Guide Intel Forward
In their new roles, Zinsner and Holthaus will focus on strengthening Intel’s product portfolio and advancing its manufacturing and foundry capabilities. With Zinsner’s financial and operational expertise and Holthaus’s extensive leadership experience, Intel aims to navigate the evolving semiconductor landscape with agility and precision.
“Pat’s leadership has left a lasting impact, and we are committed to building on that foundation,” Zinsner and Holthaus said. “Our focus remains on driving returns on foundry investments and delivering for our customers.”
The board of directors has formed a search committee to identify a permanent CEO. Yeary emphasized the company’s commitment to delivering value to investors, saying, “We will act with urgency to simplify and strengthen our product portfolio while optimizing operations for greater efficiency and profitability.”
A New Chapter for Intel
With Holthaus’s appointment as CEO of Intel Products and her interim co-CEO role, the company underscores its commitment to placing its product group at the center of its strategy. “Returning to process leadership is central to product leadership,” Yeary stated, reaffirming Intel’s mission to innovate and deliver for its customers.
As Intel begins this new chapter, it remains focused on executing its vision of a leaner, more agile organization while maintaining its legacy of technological leadership.
