Intel announced today that CEO Pat Gelsinger has retired effective December 1, marking the end of his nearly four-year tenure leading the semiconductor giant. The company has appointed CFO David Zinsner and Client Computing Group GM Michelle Johnston Holthaus as interim co-CEOs while searching for a permanent successor.
During his leadership, Gelsinger launched an ambitious transformation plan aimed at restoring Intel's manufacturing dominance through massive investments in new chip fabrication facilities across the U.S. His initiatives secured up to $7.86 billion in CHIPS Act funding from the U.S. government to advance domestic semiconductor production.
However, Gelsinger's tenure was marked by significant challenges. Intel's revenue declined approximately 33% to $54 billion in 2023 compared to when he took over in 2021. The company implemented extensive cost-cutting measures, including plans to reduce its workforce by over 15,000 employees. Technical setbacks with the company's 18A manufacturing process and lost opportunities with major potential customers like Apple and Qualcomm added to the difficulties.
Gelsinger's connection to Intel spans over four decades, beginning when he joined as an 18-year-old technician. He rose through the ranks to become the company's youngest VP at age 32 and served as CTO before departing in 2009. He returned as CEO in 2021 after leading VMware.
"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."
Frank Yeary, Intel's board chair, will serve as interim executive chair during the transition period. The company's board has formed a search committee to identify Gelsinger's permanent replacement while maintaining stability in its foundry operations leadership.