Interim Co-CEOs Appointed as Intel Charts Path Forward
SANTA CLARA, Calif., Dec. 2, 2024 – Intel Corporation (NASDAQ: INTC) has announced the retirement of CEO Pat Gelsinger, effective December 1, 2024, following an illustrious career spanning over 40 years. Gelsinger, a transformative leader, also stepped down from Intel’s Board of Directors.
To ensure a seamless transition, Intel has appointed David Zinsner, Executive Vice President and CFO, and Michelle Johnston Holthaus (MJ), as interim co-CEOs while the Board conducts a search for a permanent successor. Holthaus will also take on the newly created role of CEO of Intel Products, overseeing the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX). Additionally, Frank Yeary, Intel’s Independent Chair, will serve as interim Executive Chair during this transition period.
The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger.
Yeary said, “On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership. Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.”
As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them.
Frank Yeary
Yeary concluded, “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.”
About the Interim Leaders
David Zinsner brings over 25 years of experience in financial and operational leadership across the semiconductor and technology sectors. Before joining Intel in 2022, he served as CFO at Micron Technology and held leadership roles at Analog Devices and Affirmed Networks.
Michelle Johnston Holthaus, a 30-year Intel veteran, is a proven leader with extensive experience in sales, marketing, and general management. Prior to her role as CEO of Intel Products, she led the Client Computing Group and served as Intel’s Chief Revenue Officer.
Leading Intel has been the honor of my lifetime
Pat Gelsinger
Pat Gelsinger Reflects on His Legacy
Reflecting on his time at Intel, Gelsinger stated:
“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.”
Gelsinger’s impactful career began at Intel in 1979, where he rose to become its first CTO and later returned as CEO in 2021, steering the company through pivotal transformations in the semiconductor industry.
Text source: Intel
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