Santa Clara, Calif., Dec. 2, 2024 – Intel Corporation (NASDAQ: INTC) has announced that CEO Pat Gelsinger has retired, concluding a remarkable career spanning over four decades. Gelsinger has also stepped down from the board of directors, effective December 1, 2024.
To ensure smooth leadership continuity, Intel has appointed David Zinsner, Executive Vice President and CFO, and Michelle (MJ) Johnston Holthaus as interim co-CEOs. Holthaus has also been named CEO of Intel Products, overseeing key divisions like the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX).
Focus on the Future
Intel’s board has formed a search committee to find a permanent CEO. Yeary emphasized Gelsinger's critical role in driving innovation and advancing Intel's manufacturing capabilities. Under Gelsinger’s leadership since 2021, Intel made significant progress in semiconductor manufacturing and process innovation, laying the groundwork for future competitiveness.
Yeary highlighted the board’s commitment to prioritizing product development and delivering for customers. Holthaus’s dual roles as CEO of Intel Products and interim co-CEO ensure that the product teams will have the necessary resources to focus on innovation and efficiency. The company's central mission remains returning to process and product leadership while simplifying operations to enhance profitability.
Pat Gelsinger's Legacy
Reflecting on his tenure, Gelsinger described his leadership at Intel as the pinnacle of his professional journey. Joining Intel in 1979, Gelsinger rose through the ranks, becoming the company's first Chief Technology Officer and later returning as CEO during a transformative period. Under his leadership, Intel made bold decisions to adapt to evolving market dynamics, setting a strong foundation for future growth.
Gelsinger expressed gratitude for the collective achievements of the Intel team and acknowledged the challenges faced in repositioning the company for long-term success.
Interim Leadership Team
David Zinsner and Michelle Holthaus expressed appreciation for Gelsinger’s contributions, reaffirming their commitment to Intel's strategic goals. Zinsner, with over 25 years of financial and operational experience in technology and manufacturing, has been instrumental in Intel's financial strategies since joining in 2022. Holthaus, a three-decade Intel veteran, has extensive experience leading various functions, including revenue generation and global sales for the CCG division.
The interim leaders aim to strengthen Intel’s product and process leadership, focus on customer needs, and optimize investments to deliver long-term value.
Strategic Priorities
Intel remains focused on simplifying its product portfolio, advancing manufacturing and foundry capabilities, and ensuring efficient operations. The company is determined to maintain a lean and agile structure while driving returns on investments in its foundry business.
Risks and Opportunities
Intel acknowledges that its success depends on navigating several challenges, including intense competition, rapid technological evolution, and geopolitical uncertainties. The company’s forward-looking strategies include significant investments in R&D, manufacturing, and next-generation technologies such as AI.
Macro-level challenges such as trade tensions, global supply chain disruptions, and security vulnerabilities pose additional risks. However, Intel is committed to maintaining resilience and delivering for its customers, shareholders, and stakeholders.
Outlook
Despite recent challenges, Intel is optimistic about its future. The board and interim leadership are confident in the company’s ability to execute its strategic priorities and position itself as a leader in the global semiconductor industry.