Mon Dec 02 17:31:22 UTC 2024: ## Intel CEO Pat Gelsinger Retires, Company Names Interim Co-CEOs
**Santa Clara, CA** – Intel Corporation announced the retirement of its CEO, Pat Gelsinger, effective immediately. Gelsinger, who rejoined Intel in 2021 after a successful career elsewhere, leaves behind a legacy marked by significant investment in semiconductor manufacturing and innovation. However, his tenure also coincided with a challenging period for the company, including a significant drop in revenue and a large-scale job reduction plan.
The Intel board has appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-CEOs while a search committee identifies a permanent successor. Frank Yeary, Intel’s independent chairman, will serve as interim executive chairman during the transition.
Gelsinger’s departure follows a year of financial struggles for Intel. The company’s 2023 annual revenue dropped to $54 billion—a third less than when he took the helm—and it implemented a $10 billion cost-cutting plan that resulted in over 15,000 job cuts. In October, Intel reported a $16.6 billion quarterly loss, the largest in its 56-year history. Despite these challenges, Intel’s stock saw a roughly 3.5% increase following the announcement of Gelsinger’s retirement.
In a statement, Yeary praised Gelsinger’s contributions, highlighting his efforts to revitalize Intel’s manufacturing processes and drive innovation. Gelsinger himself expressed pride in his accomplishments but acknowledged the difficult decisions necessary to navigate the current market landscape.
The interim co-CEOs, Zinsner and Holthaus, expressed gratitude for Gelsinger’s leadership and pledged to focus on meeting customer needs, leveraging foundry investments, and continuing progress in product and process leadership. The appointment of new leadership comes at a crucial time for Intel, as it navigates a challenging chip market. The company’s future direction under its next CEO will be closely watched.
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