Intel Corp. announced that CEO Pat Gelsinger retired after a 40-plus-year career and has stepped down from the board of directors, effective Dec. 1.
Intel named two senior leaders, David Zinsner and Michelle Johnston Holthaus, as interim co-CEOs while the board of directors conducts a search for a new CEO.
Zinsner is executive vice president and chief financial officer, and Holthaus was appointed to the newly created position of CEO of Intel Products, a group that encompasses the company’s Client Computing Group, Data Center and AI Group and Network and Edge Group.
Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition. Intel Foundry leadership structure remains the same.
The board has formed a search committee to find a permanent successor to Gelsinger.
“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,” Yeary said. “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.”
With the elevation of Zinsner and Johnston Holthaus, “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 said.