Intel CEO Pat Gelsinger has retired from the company following a distinguished 40-plus-year career and has resigned from the board of directors, effective December 1, 2024.
While the board of directors searches for a new CEO, Intel has appointed two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-CEOs.
Zinsner is the company's executive vice president and chief financial officer, while Holthaus has been named CEO of Intel Products, which includes the Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX). During the period of transition, Frank Yeary, Intel's independent chair of the board, will serve as interim executive chair.
The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger, according to Intel. Intel Foundry's leadership structure stays unaltered.
"On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership. Pat spent his formative years at Intel, then returned at a critical time for the company in 2021," Yeary said. "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 throughout the company."
"While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence," Yeary continued. "As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them. With MJ's permanent elevation to CEO of Intel Products along with her interim co-CEO role of Intel, we are ensuring the product group will have the resources needed to deliver for our customers. Ultimately, returning to process leadership is central to product leadership, and we will remain focused on that mission while driving greater efficiency and improved profitability."
"With 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 expenses and capital. We are working to create a leaner, simpler, more agile Intel," Yeary concluded.
Zinsner has more than 25 years of financial and operational experience in semiconductors, manufacturing and the technology industry. He joined Intel in January 2022 from Micron Technology, where he was executive vice president and CFO. Zinsner served in a variety of other leadership roles earlier in his career, including president and chief operating officer at Affirmed Networks and senior vice president of finance and CFO at Analog Devices.
Holthaus is a proven general manager and leader who began her career with Intel nearly three decades ago. Prior to being named CEO of Intel Products, she was executive vice president and general manager of CCG. Holthaus has held a variety of management and leadership roles at Intel, including chief revenue officer and general manager of the Sales and Marketing Group, and lead of global CCG sales.
