Intel announces retirement of CEO Pat Gelsinger
Intel names David Zinsner and Michelle Johnson Holthaus as interim Co-CEOs following Pat Gelsinger’s retirement
Intel has announced that Pat Gelsinger has resigned from his position as CEO and from its board of directors. Now, Intel has started its search for a new CEO and has named David Zinsner and Michelle (MJ) Johnston Holthaus as the company’s interim co-CEOs. CEO David Zinsner will act as executive vice president and chief financial officer, and Michelle Johnson Holthaus has been appointed to the newly created position of CEO of Intel Products. Frank Yeary, independent chair of the board of Intel, will become its interim Executive chair during Intel’s CEO transition period.
Pat Gelsinger returned to Intel in 2021 at a critical time. Before 2009, Gelsinger worked for Intel for 30 years, holding several executive positions. After returning as CEO, Geligner focused on restoring Intel’s strengths. Gelsinger championed Intel’s investments in semiconductor manufacturing, resulting in the construction of new fabs and the creation of new leading-edge lithography nodes. Before this, Intel’s manufacturing arm struggled, making TSMC the world’s leading semiconductor manufacturer.
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.
(Michelle (MJ) Johnston Holthaus (Left) and David Zinsner (Right))
Recently, Intel has struggled financially. Following Q2 losses of $1.6 billion, the company has laid off over 15,000 employees as part of company-wide cost-cutting measures. These losses are attributed to Intel’s heavy spending on revitalising its manufacturing arm. These investments are vital to Intel’s future success and were ultimately necessary because of the mismanagement of Intel’s fabs under prior CEOs. After all, Intel’s heavy investment now wouldn’t be required if Intel’s fabs hadn’t fallen behind TSMC.
Why did Intel’s CEO retire?
Why has Pat Gelsinger retired? It could be for many reasons. It may disagree with the direction that Intel’s board wants to take the company. Alternatively, he may be getting pushed out as Intel’s “fall guy” due to the company’s recent financial issues and Gelsinger’s failure to execute his comeback plan. Either way, big changes are coming, and they have huge implications for the semiconductor market.
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