Intel's CEO Pat Gelsinger Steps Down During Tough AI Chip Transition
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San Francisco, Dec 2 (NationPress) The semiconductor giant Intel revealed on Monday that its CEO Pat Gelsinger has stepped down from his role, along with resigning from the board of directors, effective December 1.
The company has appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-CEOs while the board conducts a search for a new leader.
Gelsinger initially joined Intel at the young age of 18. By the age of 32, he was distinguished as the youngest Vice President in the history of the company. In 2001, he ascended to the role of Intel’s Chief Technology Officer. After leaving in 2009 to serve as President and CFO at EMC, he took the helm at VMware as CEO in 2012. Gelsinger returned to Intel as CEO in 2021.
The Intel board has established a search committee to find a permanent successor for Gelsinger.
Frank Yeary, the independent chair of Intel's board, will assume the role of interim executive chair during this transition.
“Pat dedicated his formative years to Intel, returning at a pivotal moment in 2021. As a leader, he played a key role in launching and revitalizing process manufacturing through significant investments in advanced semiconductor production, while relentlessly pursuing innovation throughout the organization,” stated Yeary.
Gelsinger expressed that leading Intel has been the privilege of his life.
“This moment is, without a doubt, bittersweet as this company has been my life’s work for the majority of my career. I can reflect with pride on our collective achievements. This past year has been challenging for us all, necessitating tough but essential decisions to align Intel with the current market landscape,” he remarked.
Zinsner and Holthaus voiced their gratitude for Pat’s years of commitment to Intel as well as his leadership qualities.
“We will reaffirm our dedication to Intel Products and addressing customer needs. With our ongoing progress in product and process leadership, we will concentrate on maximizing returns on foundry investments,” they indicated.
Intel's revenue plummeted to $54 billion in 2023, a decline of about one-third compared to the year Gelsinger took the reins. The company has also implemented a $10 billion cost-cutting plan that resulted in over 15,000 job reductions. In October, Intel reported a staggering $16.6 billion quarterly loss — the largest in its 56-year existence.
On the announcement of Gelsinger’s departure, Intel shares rose nearly 3.5 percent.
