Intel CEO Pat Gelsinger Retires

Intel CEO Pat Gelsinger retired from the company and has stepped down from the board of directors, effective December 1. His sudden resignation comes after a three-year push to revive the company’s market position in the face of increased competition.

Bloomberg reported Intel’s board of directors gave Gelsinger the option of retiring or being removed during a meeting last week. EVP and CFO David Zinsner and Michelle Johnston Holthausm, CEO of Intel Products, have been named interim co-CEOs while the company searches for a permanent replacement. Frank Yeary, independent chair of the board of Intel, is serving as interim executive chair.

“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 stated. He explained the board realizes first and foremost that they must put the product group at the center of all they do.

Gelsinger’s first stint at Intel started in 1979, according to his LinkedIn profile. Following a 30-year career, he joined Dell EMC in 2009 as its president and COO before taking over as CEO of VMware in 2012. His recent attempts to revive Intel included a major restructuring and cost-cutting initiative announced in September and a multi-billion-dollar deal with Amazon Web Services to manufacture AI chips. Following dismal Q2 results, it planned to cut 15% of its workforce by year-end. Last month, the US government reduced the company’s chip funding while Qualcomm reportedly cooled its interest in a potential buyout of Intel.