Jerry Petersen
Pat Gelsinger on Dec. 1 retired as CEO of Intel Corporation and stepped down from the company’s board of directors. A search committee has already been formed to find a successor, the company said Monday.
Remarks by Gelsinger
Commenting on his retirement, Gelsinger said his departure from Intel is “bittersweet” because serving in Intel “has been my life for the bulk of my working career.” He also said being Intel’s chief executive “has been the honor of my lifetime” and described its people as “among the best and the brightest in the business.”
“I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family,” Gelsinger added.
David Zinsner & Michelle Johnston Holthaus as Interim Co-CEOs
In the meantime, Intel will be led by David Zinsner and Michelle Johnston Holthaus as interim co-CEOs. Zinsner currently serves as executive vice president and chief financial officer while Holthaus serves as CEO of Intel Products. Zinsner joined Intel in 2022 from Micron Technology, where he also served as EVP and CFO. Holthaus, meanwhile, has been with Intel for decades, most recently serving as EVP and general manager of the Client Computing Group.
Concerning Gelsinger’s departure, the co-CEOs 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.”
Frank Yeary as Interim Executive Board Chair
Frank Yeary, independent chair of the board at Intel, will serve as interim executive chair. He expressed gratitude to Gelsinger for his “many years of service and dedication to Intel” and praised his accomplishments as the company’s leader.
Looking ahead, Yeary said, “[We] have much more work to do at the company and are committed to restoring investor confidence,” adding, “With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel.”
