Intel CEO Pat Gelsinger Retires Amid Major Company Transition
Pat Gelsinger steps down as Intel CEO after a challenging year, leaving interim co-CEOs to guide the chipmaker while the board searches for a permanent replacement.
Intel CEO Pat Gelsinger retires effective December 1, stepping down from the board of directors after a challenging year for the chipmaker. CFO David Zinsner and client computing group GM Michelle Johnston Holthaus step in as interim co-CEOs to guide the company. Holthaus also takes on the newly created role of CEO of Intel Products, overseeing consumer, data center, AI, network, and edge businesses.
Frank Yeary, independent chair of the board, becomes interim executive chair during the transition. Intel's board forms a search committee to find a permanent successor, while leadership at Intel Foundry remains unchanged. Reports indicate the board gives Gelsinger the option to retire or face removal from his position.
Gelsinger first joins Intel at age 18 and eventually becomes the company's youngest vice president at 32. He returns as CEO in 2021 and launches an ambitious five-year plan to catch up to rivals like TSMC and Samsung by building massive chip manufacturing plants. He leaves behind a complex legacy of aggressive expansion and necessary but difficult restructuring decisions.