Intel announced on Monday that CEO Pat Gelsinger has retired, effective December 1. The company is facing challenges in catching up with competitors like TSMC and Samsung. CFO David Zinsner and Michelle Johnston Holthaus, the newly appointed Intel Products CEO, will serve as interim co-CEOs while the company looks for a permanent replacement.
Gelsinger, who began his career at Intel in 1979 and was the first chief technology officer, returned as CEO in 2021 during a crucial time for the company. Intel has struggled as rivals, particularly in Asia, have gained dominance in the semiconductor market, and Nvidia has emerged as a leader in AI chips.
During Gelsinger’s leadership, Intel made significant investments in semiconductor manufacturing and sought government support to boost production, including a $7.9 billion award from the Biden administration to support US-based semiconductor manufacturing.
However, Intel faced setbacks in Europe, where it recently delayed its plans to build two major chip factories in Germany and Poland, citing lower-than-expected demand. The company also decided to scale back operations in Malaysia.
Gelsinger expressed pride in leading Intel, acknowledging the difficult year as the company adjusted to market changes. Zinsner joined Intel in 2022 from Micron Technology, and Holthaus, an Intel veteran, has previously led the company’s Client Computing Group. Intel’s board chair, Frank Yeary, emphasized their commitment to restoring investor confidence.
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