Intel CEO Pat Gelsinger has retired from the company after more than 40 years of service, effective December 1, 2024. Gelsinger has also stepped down from Intel's board of directors.
The semiconductor giant has appointed two interim co-CEOs while searching for a permanent successor. David Zinsner, Executive Vice President and Chief Financial Officer, will share leadership duties with Michelle (MJ) Johnston Holthaus, who takes on the newly created role of CEO of Intel Products.
Frank Yeary, Intel's independent board chair, will serve as interim executive chair during the transition period. The board has formed a search committee to identify a permanent CEO replacement.
Gelsinger's departure comes after leading Intel through a period of major transformation since returning as CEO in 2021. Under his leadership, the company made substantial investments in semiconductor manufacturing facilities and pushed forward with technological innovation initiatives.
"Leading Intel has been the honor of my lifetime," Gelsinger said in a statement. "Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together."
Yeary praised Gelsinger's contributions, noting his role in revitalizing process manufacturing and driving innovation throughout the organization. The leadership change occurs as Intel continues struggling to strengthen its position in an evolving semiconductor market.
In her new role, Holthaus will oversee Intel's core business units including the Client Computing Group, Data Center and AI Group, and Network and Edge Group. The company's foundry leadership structure remains unchanged during this transition.
The board emphasized its commitment to maintaining business continuity while conducting a comprehensive search for Intel's next chief executive.