David Zinsner and Michelle Johnston Holthaus Named Interim Co-CEOs
After almost four years in the position, Pat Gelsinger has resigned as CEO of Intel Corporation, effective December 1. The announcement comes after rumors circulated that Gelsinger, 63, was given the option by Intel’s board to either voluntarily retire or be fired. He described his decision to retire as “bittersweet” after giving it much thought.
“Leading Intel Corporation has been the honor of my lifetime,” Gelsinger wrote in a sincere LinkedIn post, expressing his profound appreciation. I will always be appreciative of the numerous coworkers I have had throughout the world as a member of the Intel family. I am proud of everything we have done together. Thank to everybody.
When Gelsinger looked back on his career, he highlighted how important Intel was to his development. “For the majority of my working career, this company has been my life,” he said. He praised his colleagues’ combined efforts and emphasized the difficult but important choices made to prepare Intel for a fast changing semiconductor market.
David Zinsner and Michelle Johnston Holthaus were named interim co-CEOs by Intel’s board of directors. Holthaus was been named CEO of Intel Products, and Zinsner is now Intel’s CFO and Executive Vice President. During this time of change, Intel’s independent board chair Frank Yeary will serve as the acting executive chair.
“Pat helped launch and revitalize Intel’s semiconductor manufacturing, investing in cutting-edge technologies and driving innovation throughout the company,” said Yeary, who praised Gelsinger’s efforts.
Gelsinger joined Intel as a young engineer in 1979, and his relationship with the company has lasted for decades. In 2021, at a critical juncture for the business, he returned to his position as CEO after serving as Intel’s first CTO.
Restoring Intel’s competitive advantage over rivals like Nvidia and AMD was the goal of his leadership. But according to rumors, there was a growing discrepancy between Gelsinger’s approach and the board’s expectations, which finally caused him to leave. According to Bloomberg, recent conversations regarding Intel’s efforts to reclaim market dominance marked a turning point.
The timing of Gelsinger’s resignation is crucial for Intel. Rapid developments and fierce international rivalry are challenges facing the semiconductor business. Gelsinger was renowned during his time there for focusing on innovation and uniting Intel around strategic initiatives meant to revitalize the company.
In order to get through this difficult time and solidify its place in the global semiconductor market, Intel is currently looking for a permanent CEO.
Keep checking back for more information on Intel’s leadership change and future plans.