Intel CEO Pat Gelsinger Resigns and Steps Down from the Board
Dec. 2, 2024As Intel grapples with a significant decline in stock value, the chip giant has nowannouncedthat CEO Pat Gelsinger has retired from the company, effective immediately. Not only that, Gelsinger has also stepped down from Intel’s board of directors, after serving Intel for over 40 years in various positions.
For now, Intel has appointed David Zinsner and Michelle Johnston Holthaus as interim CEOs as the board looks for a new CEO. Zinsner is Intel’s CFO and Holthaus is the executive VP and GM of Client Computing Group. Additionally, Holthaus has been appointed as the CEO of Intel Products, a new group that includes Client Computing Group, Data Center and AI Group, and Network and Edge Group.
After retirement, Gelsinger said, “Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career. 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.“
Notably, the announcement reads, “Intel Foundry leadership structure remains unchanged.“
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