In a significant leadership shake-up at one of America's largest semiconductor companies, Intel Corporation announced today that Chief Executive Officer Pat Gelsinger has retired and stepped down from the board of directors, effective 8:30 a.m. December 1, 2024.
The Santa Clara-based tech giant has appointed David Zinsner and Michelle Johnston Holthaus as interim co-chief executive officers while the board conducts a search for a permanent successor. In a parallel move, the company named Holthaus to the newly created position of CEO of Intel Products, overseeing the company's core business units including Client Computing, Data Center and AI, and Network and Edge groups. Frank Yeary, who has served as independent chair of the board, will assume the role of interim executive chair during the transition period. The company specified that the Intel Foundry leadership structure will remain unchanged.
"On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership," Yeary said. "Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."
Gelsinger, whose career at Intel spans more than four decades, began his journey with the company in 1979 and eventually became its first chief technology officer. "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," Gelsinger said, reflecting on his tenure, which included the purchase of the Israeli company MobilEye, one of the leading companies developing driverless vehicles.
The interim leadership brings diverse experience to the helm. Zinsner, who joined Intel in January 2022, previously served as executive vice president and CFO at Micron Technology Inc, bringing over 25 years of financial and operational experience in the semiconductor industry. Holthaus, a nearly three-decade Intel veteran, most recently led the company's Client Computing Group and has held various senior leadership positions, including chief revenue officer.
In a joint statement, Zinsner and Holthaus 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."
The board emphasized its commitment to strengthening the company's market position. "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," Yeary noted.
