Intel Corporation today announced the retirement of CEO Pat Gelsinger after a 40-year career, effective December 1, 2024. Gelsinger has also stepped down from the company’s board of directors.
David Zinsner, executive vice president and chief financial officer, and Michelle Johnston Holthaus, CEO of Intel Products, have been appointed interim co-CEOs. Holthaus will continue in her newly created role as CEO of Intel Products, overseeing the Client Computing Group, Data Center and AI Group, and Network and Edge Group.
Frank Yeary, previously the independent chair of Intel’s board, will serve as interim executive chair during the leadership transition. The company’s board has formed a search committee to identify Gelsinger’s permanent successor.
“Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored 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,” said Gelsinger.
Yeary remarked on Gelsinger’s contributions, saying, “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.”
No Pat, No Glory
Earlier, in an effort to turn around the company’s fortunes, Gelsinger urged the team to build on the momentum in the Foundry business as they approached the launch of Intel 18A.
Moreover, Intel recently partnered with AMD to form the x86 Ecosystem Advisory Group. The advisory group will focus on expanding the x86 ecosystem by simplifying software development and improving platform interoperability.
To compete with NVIDIA and capitalise on the generative AI wave, Intel began manufacturing GPUs, however, unlike NVIDIA, it has struggled to gain market share. According to a recent report, NVIDIA holds 88% of the GPU market share, while Intel is struggling with a minuscule share.
Intel recently launched its AI accelerator, Gaudi 3. In 2025, its successor, Falcon Shores, will combine the AI capabilities of Gaudi with Intel’s powerful GPUs in a single package. By 2026, Intel plans to introduce another version of the AI accelerator super chip, Falcon Shores 2, which is likely to be called Jaguar Shores.
Intel without Pat
Intel’s board emphasised the importance of prioritising its product group to meet customer demands and advance process and product leadership. Yeary said that the company remains focused on simplifying its product portfolio, enhancing manufacturing and foundry capabilities, and improving profitability.
Gelsinger, who started at Intel in 1979 and served in roles including chief technology officer, reflected on the challenges and progress during his tenure. “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,” he said.
Zinsner and Holthaus expressed their commitment to building on Intel’s progress. “We are grateful for Pat’s leadership,” they said in a joint statement. “We will redouble our commitment to Intel Products and meeting customer needs.”
Zinsner joined Intel in 2022 after a career at Micron Technology and other leadership roles in the semiconductor industry. Holthaus, a 30-year veteran of Intel, has held multiple senior management positions, including chief revenue officer and general manager of the Client Computing Group.
Intel’s Foundry leadership structure remains unchanged during the transition.
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