Intel Corporation announced that Pat Gelsinger has retired as CEO, effective December 1, 2024, following a more than 40 years of run in the company. Gelsinger also stepped down from Intel’s board of directors, marking the end of his tenure at the company he first joined in 1979.
The company has named two senior executives, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-CEOs while the board conducts a search for Gelsinger’s permanent successor. Zinsner, Intel’s executive vice president and chief financial officer, and Holthaus, the newly appointed CEO of Intel Products, will lead the company during this transition period. Holthaus will also serve in the role of co-CEO.
Frank Yeary, the independent chair of Intel’s board, will take on the position of interim executive chair. Intel’s leadership structure for its foundry operations will remain unchanged, the company confirmed.
Gelsinger’s retirement follows significant strides made during his time as CEO, particularly in advancing Intel’s semiconductor manufacturing capabilities and pushing for innovation. He acknowledged the challenging decisions made throughout the year, which positioned Intel to navigate current market dynamics. Gelsinger’s leadership helped revitalize Intel’s manufacturing process and strengthened the company’s foundry operations.
As Intel transitions to new leadership, Zinsner and Holthaus will focus on driving key strategic initiatives. These include simplifying the product portfolio, advancing manufacturing capabilities, and optimizing operating expenses. “With MJ’s elevation to CEO of Intel Products and our continued focus on process leadership, we are ensuring the product group will have the resources needed to deliver for our customers,” Yeary added.
Zinsner, who joined Intel in 2022, brings over 25 years of experience in the semiconductor and technology industries. Holthaus, a 30-year veteran of Intel, has held numerous leadership roles, most recently as executive vice president and general manager of Intel’s Client Computing Group. Intel’s board has formed a search committee to identify a new permanent CEO.