Intel CEO Pat Gelsinger retires amid financial struggles, comeback plan

Finance and sales leads will run company as interim co-CEOs

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Gelsinger has led Intel since 2021, and been with the company for more than 30 (non-consecutive) years

Intel CEO Pat Gelsinger retired on Sunday and has named two interim co-CEOs, calling the moment “bittersweet.”

Intel announced on Monday that its CEO of nearly four years, Pat Gelsinger, retired the day before, an unexpected development as the semiconductor giant attempts to bounce back from financial struggles and execute on Gelsinger’s ambitious comeback plan.

The California-based company said its board of directors has named two interim co-CEOs to lead the chipmaker while it searches for Gelsinger’s permanent replacement: CFO David Zinsner and Client Computing Group General Manager Michelle Johnston Holthaus.

Holthaus, who was previously head of Intel’s Sales and Marketing Group, will also serve in the newly created role as CEO of Intel Products, a group that consists of the company’s Client Computing Group, Data Center and AI Group and Network and Edge Group.

In addition, Intel said that Frank Yeary, independent chair of Intel’s board, will become interim executive chair during the company’s leadership position.

“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 in a statement.

“Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalise process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company,” he added.

In a statement from Gelsinger, the now-former CEO said, “Leading Intel has been the honour of my lifetime – this group of people is among the best and the brightest in the business, and I’m honoured to call each and every one a colleague.”

“Today is, of course, bittersweet as this company has been my life for the bulk of my working career,” he continued. “I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.

“I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family,” he added.

This story originally appeared on our sister site, CRN