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Gelsinger has spent more than 40 years at the company
Intel has announced that CEO Pat Gelsinger has retired.
Gelsinger, who also stepped down from Intel’s board of directors, first joined the company in 1979 and became its first chief technology officer in 2005. After spending few years at EMC and almost a decade as CEO of VMware, Gelsinger returned to Intel as CEO in 2021. Since then, he has overseen a pivotal period for the chipmaker as it worked to address major challenges in a highly competitive industry.
Intel has struggled in recent years to keep pace with rival chip compnaies like TSMC and AMD, losing ground in both manufacturing capabilities and market share. Under Gelsinger’s leadership, the company has focused on reclaiming its position as a leader in chip production, making significant investments in semiconductor technology and committing to expanding its foundry business. Despite some progress, however, Intel remains under pressure to deliver results in a rapidly evolving market.
In its most recent quarterly results, Intel recorded a loss of $1.6 billion, compounding the $437 million it lost in the quarter before that. It also revealed in August that it would be laying off over 15,000 workers, saying it will cut 15% of its workforce in efforts to streamline the business.
Intel has named David Zinsner, its Executive Vice President and Chief Financial Officer, and Michelle Johnston Holthaus, who leads Intel Products, as interim Co-CEOs. The board’s independent chair, Frank Yeary, will also take on the role of interim executive chair while a search is conducted for Gelsinger’s permanent successor.
Gelsinger described his tenure at Intel as “the honor of my lifetime… 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.”
Zinsner, a financial veteran with experience across the semiconductor sector, and Holthaus, a 30-year Intel veteran with deep expertise in product development and sales, will oversee day-to-day operations during the transition.
“We know there is more work to do to rebuild investor confidence and deliver the performance our customers expect,” added Frank Yeary.
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