What you need to know
- Intel announced the retirement of its CEO Pat Gelsinger today.
- David Zinsner and Michelle Johnston Holthaus will serve as interim co-chief executive officers.
- Intel struggled in several areas under Gelsinger's leadership, including sharing a loss of $1.6 billion in a recent quarter, the company having to lay off over 10,000 employees, and the floundering state of the company's Intel Foundry business.
December 2, 12:00 PM ET: A report by Bloomberg claims that Pat Gelsinger was forced to retire and that last week he was given a choice to step down or be removed.
Intel just announced the retirement of Pat Gelsinger, who served as the company's CEO until today. Gelsinger, a 30-year veteran of Intel when he returned to the company as CEO in 2021, has received heavy criticism of late. The former CEO lead the company during a tumultuous time that included a $1.6 billion loss in a recent quarter and the announcement that the company would lay off over 10,000 employees. Gelsinger was also a driving force behind Intel Foundry Services, which has not done well and is responsible for much of the company's financial losses.
While the retirement of tech leaders is often met with stories of fond memories and highlights of careers, that seems unlikely in the case of Gelsinger. Intel stock is up 5% less than an hour after the former CEO's retirement was announced.
Gelsinger's retirement and step down from the Intel board of directors was effective December 1, 2024.
David Zinsner and Michelle (MJ) Johnston Holthaus will serve as interim co-chief executive officers. Holthaus has also been appointed to the newly created position of "CEO of Intel Products."
Frank Yeary, current independent chair of the Intel board, will be Intel's interim executive chair.
Yeary shared the following on the news of Gelsinger's retirement:
"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.”
Yeary further added comments that reflect that Intel has "much more work to do:"
"While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence."
Intel was struggling when Gelsinger became CEO in 2021 but the company has continued to struggle under his leadership. Recently, reports emerged claiming Qualcomm was interested in purchasing Intel, though that acquisition's likelihood has since dipped.
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