Intel Corporation made a major announcement on Monday, revealing that CEO Pat Gelsinger will be stepping down from his position and the board of directors effective December 1, 2024. This news caused Intel shares to surge over 5% higher in premarket trading, signaling a significant change in leadership for the tech giant.
To navigate this transition, Intel has appointed David Zinsner, the current chief financial officer, and Michelle Johnston Holthaus, the newly appointed CEO of Intel Products, as co-CEOs in the interim. Additionally, Frank Yeary, the board’s independent chair, will step in as interim executive chair during this period of change. A dedicated search committee has been established to find a permanent successor for Gelsinger.
Yeary highlighted Gelsinger’s important contributions to Intel, especially during the critical period starting in 2021. Gelsinger’s efforts were instrumental in revitalizing process manufacturing and driving innovation within the company. Moving forward, Yeary emphasized the need to prioritize Intel’s product group, ensuring it has the necessary resources to meet customer demands while enhancing manufacturing capabilities.
Holthaus will take charge of overseeing key divisions within Intel, including Client Computing, Data Center and AI, and Network and Edge groups. Yeary expressed confidence in Holthaus’s abilities, stating that her elevation to CEO of Intel Products solidifies the commitment to delivering excellence for customers.
Gelsinger, reflecting on his time leading Intel, expressed gratitude for the support of his colleagues and the company’s resilience during challenging times. He described the experience as the “honor of my lifetime,” underscoring the importance of teamwork and dedication within the Intel family.
As Intel navigates ongoing challenges related to manufacturing competitiveness and investor confidence, Holthaus and Zinsner have pledged to focus on process leadership and maximizing returns on Intel’s foundry investments. This strategic direction aims to position Intel for success in a rapidly evolving industry landscape.
In conclusion, Intel’s leadership transition marks a significant moment for the company, signaling a new chapter in its journey towards innovation and growth. With a strong team at the helm, Intel is poised to continue its legacy of technological advancement and industry leadership.
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