Intel announced Monday the retirement of CEO Pat Gelsinger and named Executive Vice President and CFO David Zinsner and CEO of Intel Products Michelle Johnston Holthaus as interim co-CEOs. Gelsinger has also stepped down from the board of directors.
The board has formed a search committee, and Independent Chair of the Board Frank Yeary will become interim executive chair during the transition.
“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,” says Yeary.
“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,” says Gelsinger.
Gelsinger’s retirement takes place amid challenges within the company. Intel in August announced plans to cut 15% of its workforce after a disappointing Q2, and the company recently reported a $16.6 billion net loss in Q3.
The news comes on the heels of the announcement that Carlos Tavares resigned from his role as CEO at auto manufacturer Stellantis amid declining company sales. The company cited the reason as a misalignment between the CEO, board and shareholders.
“With Dave and MJ’s leadership, we will continue to act with urgency on our priorities: simplifying and strengthening our product portfolio and advancing our manufacturing and foundry capabilities while optimizing our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel,” says Yeary.
