- Pat Gelsinger steps down as Intel CEO
- David Zinsner and Michelle Johnston Holthaus Named Interim Co-CEOs
- Intel's most recent quarterly revenue fell 6% as it undergoes restructuring efforts.
After a nearly four-year stint as Intel's CEO, Pat Gelsinger announced that he will step down as a director of the company effective December 1, marking the end of four decades of service to the company in senior positions. range.
Gelsinger also retired from Intel's board of directors, leaving Chief Financial Officer David Zinsner and Intel Chief Product Officer Michelle (MJ) Johnston Holthaus to take on the role of interim co-CEOs of the company.
The board, led by independent chairman and interim CEO Frank Yeary, has formed a search committee to find Gelsinger's replacement.
Intel CEO resigns
Yeary commented on Gelsinger's departure: “As a leader, Pat helped launch and revitalize process manufacturing by investing in next-generation semiconductor manufacturing, while working tirelessly to drive innovation across the company.”
He added: “With Dave and MJ's leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and enhancing our manufacturing and foundry capabilities while optimizing our operating and capital expenditures.”
For many in the industry, the news has not come as a surprise. Intel's financial difficulties have not been kept secret, with the company losing out to AMD, which was able to weaken Intel in central processors for data centers, and Nvidia, which established itself as a leader in the AI market.
The company's most recent quarterly revenue was $13.3 billion, down 6% year-over-year. Gelsinger said Intel was “acting with urgency to position the business for sustainable value creation in the future.” Zinsner added: “The actions we took this quarter position us to improve profitability and liquidity as we continue to execute our strategy.”
Prior to his most recent tenure, which began in February 2021, Gelsinger served as CEO of VMware for more than eight years. He also spent 30 years from 1979 to 2009 as senior vice president and general manager of the Digital Enterprise Group at Intel, and another five years as the company's chief technology officer from 2000 to 2005.
In a LinkedIn post, Gelsinger said, “Leading Intel Corporation has been the honor of my life.” The retired CEO has not indicated any plans for a future position.