Intel announced on Monday, December 2, 2024, that CEO Pat Gelsinger has retired, effective December 1, 2024, stepping down from both his executive role and the company’s board of directors after a 40-plus-year career.
The semiconductor giant has named David Zinsner, executive vice president and chief financial officer, and Michelle Johnston Holthaus, newly appointed CEO of Intel Products, as interim co-chief executive officers. Frank Yeary, the board’s independent chair, will serve as interim executive chair during the transition period.
Gelsinger’s departure comes at a critical moment for Intel, which has struggled with market share losses and challenges in the artificial intelligence sector. The company’s stock has plummeted 52% year-to-date, reflecting ongoing performance difficulties.
“Leading Intel has been the honor of my lifetime,” Gelsinger said in a statement. “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.”
The board has formed a search committee to find a permanent CEO. Yeary emphasized the company’s commitment to refocusing on product development and manufacturing capabilities. “We know first and foremost that we must put our product group at the center of all we do,” he stated.
Holthaus and Zinsner pledged to continue Gelsinger’s work, saying they will “redouble our commitment to Intel Products and meeting customer needs.” The leadership change follows recent significant moves, including a $7.86 billion government grant for factory expansion and plans to potentially spin off the foundry business as an independent subsidiary.
Gelsinger’s tenure, which began in 2021, was marked by attempts to revitalize the struggling chipmaker. A veteran who first joined Intel at 18 and once served as the company’s youngest vice president, he guided the company through challenging market dynamics while investing in semiconductor manufacturing.
The board remains focused on restoring investor confidence and creating “a leaner, simpler, more agile Intel,” according to Yeary.