Intel Announces Leadership Transition as Pat Gelsinger Retires

Intel Corporation (NASDAQ: INTC) has announced that CEO Pat Gelsinger has retired, concluding a distinguished career spanning more than 40 years. Effective December 1, 2024, Gelsinger also stepped down from the company’s board of directors.

In the interim, David Zinsner, Intel’s Executive Vice President and Chief Financial Officer, and Michelle (MJ) Johnston Holthaus, recently appointed CEO of Intel Products, will serve as co-CEOs. Holthaus will oversee the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX). Frank Yeary, Intel’s Independent Chair of the Board, will assume the role of interim Executive Chair during this transitional period. Notably, the leadership structure for Intel Foundry remains unchanged.

The board of directors has established a search committee to identify a permanent CEO, with a commitment to conducting a thorough and efficient process.

Frank Yeary expressed gratitude for Gelsinger’s contributions, noting his pivotal role in advancing Intel’s semiconductor manufacturing capabilities and fostering innovation. Yeary emphasized that Gelsinger had returned to Intel at a critical juncture in 2021, helping to rejuvenate the company’s competitive edge in process technology.

Yeary further stated that, despite the progress made in restoring Intel’s manufacturing competitiveness and strengthening its foundry capabilities, the company remains focused on further improvements. He highlighted Holthaus’s appointment as CEO of Intel Products, underscoring the board’s commitment to prioritizing product development and ensuring customer satisfaction. He stressed that achieving process leadership remains central to Intel’s success, with an emphasis on efficiency and profitability.

Yeary added that under the interim leadership of Zinsner and Holthaus, Intel will maintain its focus on streamlining the product portfolio, advancing manufacturing capabilities, and optimizing operational expenses to create a more agile organization.

Gelsinger reflected on his tenure, describing it as the honor of his lifetime. He expressed pride in Intel’s achievements and gratitude toward his colleagues worldwide. Acknowledging the challenges faced during his leadership, Gelsinger emphasized the tough but necessary decisions made to align Intel with market dynamics.

Throughout his career, Gelsinger drove significant technological advancements, shaping not only Intel but the broader global tech landscape. Beginning his career at Intel in 1979, he rose to become the company’s first Chief Technology Officer, earning recognition as a visionary leader dedicated to fostering innovation.

Zinsner and Holthaus expressed appreciation for Gelsinger’s leadership, affirming their commitment to advancing Intel’s product and process leadership. They highlighted their focus on driving returns from foundry investments while meeting customer demands.

Zinsner, with over 25 years of experience in the semiconductor and technology sectors, joined Intel in 2022 after holding leadership roles at Micron Technology, Affirmed Networks, and Analog Devices.

Holthaus, a veteran of nearly 30 years at Intel, has held numerous leadership roles, including Chief Revenue Officer and General Manager of the Sales and Marketing Group. Her recent appointment as CEO of Intel Products reflects her extensive experience in driving sales and product leadership.

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