Intel CEO Pat Gelsinger retires

The company named David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-chief executive officers while it searches for a new CEO.

Zinsner is executive vice president and chief financial officer and Holthaus has been appointed to the newly-created position of CEO of Intel Products, a group that encompasses the Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX).

Frank Yeary, independent chair of the board, will become interim executive chair during the period of transition. Intel Foundry leadership structure remains unchanged.

Yeary said: "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. 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 revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."

Gelsinger, whose retirement was effective on Sunday, 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. 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."

At 1530 GMT, Intel shares were up 3.1% at $24.82.