Intel Corp said today that Pat Gelsinger, who has been chief executive since 2021, will retire effective December 1, 2024. Gelsinger is retiring after nearly 40 years in the technology industry and more than two decades at Intel developing growth and innovation.
The company has announced interim co-CEOs in the shape of its executive vice president and chief financial officer, David Zinsner, and Michelle Johnston Holthaus, CEO of Intel Products. The independent chair of the board, Frank Yeary, is scheduled to act as interim executive chair during the period.
“Pat Gelsinger spent his formative years at Intel and returned during a critical moment in 2021. He has played a very significant role in rejuvenating our manufacturing processes and driving innovation,” Yeary said.
He wanted to recapture Intel’s leadership in semiconductor manufacturing. Pat Gelsinger started huge investments by using federal funding through the CHIPS and Science Act at U.S.-based chip manufacturing facilities. The financial issues of Intel, such as losing market shares and increasing competition from other semiconductor manufacturers like Nvidia and AMD, reduced further investor confidence.
With disappointment, like the steep fall the stock has suffered this year when it plummeted by as much as 52%, he was proud of Intel. “Leading Intel has been the privilege of my lifetime, and while the last one is challenging, we made crucial decisions to adapt to how this changed market is evolving,” said he.
Zinsner and Holthaus will take it from the base Pat Gelsinger prepared and make progress on these lines, targeting both the areas of product innovation and operation efficiency. It challenges the corporation at a moment when its semiconductor industry competition needs revival. Intel shares rose 4% in pre-market trading after the announcement.
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