- Pat Gelsinger is stepping down as CEO of Intel
- David Zinsner and Michelle Johnston Holthaus have named interim co-CEOs
- Intel’s most recent quarterly revenue was down 6% due to restructuring efforts
After a period of almost four years as CEO of Intel, Pat Gelsinger has done just that announced that he resigned as head of the company with effect from December 1, ending forty years of service with the company in senior positions.
Gelsinger has also resigned from Intel’s board of directors, leaving CFO David Zinsner and Intel Products CEO Michelle (MJ) Johnston Holthaus to take on the role of interim co-CEOs for the company.
The board, led by independent chairman and interim chairman Frank Yeary, has now formed a search committee to find Gelsinger’s replacement.
Intel CEO resigns
Yeary commented on Gelsinger’s departure: “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 across the company.”
He added: “Under Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities, while optimizing our operating costs and capital .”
The news has not come as a shock to many in the industry. Intel’s financial problems have not been kept secret: the company has lost to AMD, which has been able to undercut Intel in core data center processors, and Nvidia, which has established itself as a leader in the AI market.
The company’s most recent quarterly turnover amounted to $13.3 billion, down 6% year-over-year. Gelsinger said Intel “acted with urgency to position the company for sustainable value creation in the future.” Zinsner added, “The actions we took this quarter position us for improved profitability and improved liquidity as we continue to execute on our strategy.”
Prior to his most recent term, which began in February 2021, Gelsinger served as CEO of VMware for more than eight years. He also served as Senior VP and GM for Digital Enterprise Group at Intel for 30 years between 1979 and 2009, and as CTO for the company for another five years between 2000 and 2005.
On a LinkedIn afterGelsinger stated, “Leading Intel Corporation has been the honor of my life.” The retired CEO has not indicated any plans for a future role.