Intel announced on Monday (December 2) that CEO Pat Gelsinger is stepping down from his role, effective Sunday (December 1). Gelsinger is also leaving his position on the company’s board. In the interim, David Zinsner and Michelle Johnston Holthaus have been appointed as co-CEOs to oversee operations while a permanent replacement is identified.
The company’s board has established a committee to lead the search for Gelsinger’s successor. Reflecting on his departure, Gelsinger shared the following statement: [Insert statement here if available].
“Leading Intel has been the honor of my life – this group of people are among the best and brightest in the business, and I am honored to call each of them a colleague. Today is, of course, bittersweet as this company has been my life for most of my professional career. I can look back with pride at everything we accomplished together. It was a challenging year for all of us as we made difficult but necessary decisions to position Intel in the current dynamics of the world. market. I am eternally grateful for the many colleagues around the world with me. who I worked with as part of the Intel family.”
Intel board changes
Frank Yeary, one of the board members, will be the interim head of the board. Regarding the change, he said:
“On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel over a long career of 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, investing in next-generation semiconductor manufacturing, while working tirelessly to drive innovation across the company.”
Pat Gelsinger’s departure from Intel was accompanied by a significant shift in the company’s leadership structure. In addition to her role as co-CEO, Michelle Johnston Holthaus has been promoted to CEO of the Intel Products Division, while she and David Zinsner will co-lead Intel until a permanent successor is found for Gelsinger.
This major leadership change comes after a challenging period for Intel, which has faced issues with its processors, declining sales, and difficulties in establishing new semiconductor manufacturing plants, among other challenges. However, the market responded positively to the news, with Intel’s stock appreciating by around 5% on Monday morning, signaling investor optimism about the company’s future direction under the new leadership.
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