Intel Corporation has announced the retirement of CEO Pat Gelsinger, marking the end of an illustrious 40-year career with the company. Gelsinger, who has served as Intel’s CEO since 2021, stepped down effective December 1, 2024, leaving behind a legacy of technological innovation and leadership. The company is now entering a new phase under the leadership of two interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, as Intel searches for a permanent successor.

Zinsner, Intel’s Executive Vice President and Chief Financial Officer, and Holthaus, who has been appointed CEO of Intel Products, will work together during this transition period. Holthaus's new role encompasses overseeing critical groups such as the Client Computing Group, the Data Center and AI Group, and the Network and Edge Group, ensuring that the product-centric strategy remains a priority.

Frank Yeary, Intel's Independent Chair of the Board, will take on the role of interim Executive Chair. The company has stated that the search for a permanent CEO is already underway, with the Board forming a dedicated committee to expedite the process.

Intel praised Gelsinger for his contributions over the years. Under his leadership, Intel made significant strides in semiconductor manufacturing, positioning the company as a leader in process technology and driving innovation in critical areas. However, Intel also acknowledged that there is still work to be done, particularly in maintaining its competitive edge in manufacturing and process technologies, which remain central to Intel's future growth.

Gelsinger expressed his gratitude to Intel’s employees and customers, reflecting on his career with mixed emotions. "Leading Intel has been the honor of my lifetime," he said, recognizing the company’s achievements during his tenure. The semiconductor giant is now focused on continuing its progress, especially with Zinsner and Holthaus at the helm.

David Zinsner, who joined Intel in January 2022, brings more than 25 years of experience in finance and semiconductor operations. Prior to Intel, he held leadership positions at Micron Technology and Affirmed Networks, giving him deep expertise in both financial strategy and operational management. Holthaus, a veteran at Intel with nearly three decades of experience, has held various leadership roles, including executive vice president of the Client Computing Group. She is now tasked with leading Intel's product groups while simultaneously assuming the interim CEO role.

In a statement, both Zinsner and Holthaus emphasized the importance of maintaining Intel’s product and process leadership while driving further efficiency and profitability. The company’s strategic focus will be on optimizing its portfolio, advancing its manufacturing capabilities, and ensuring that Intel’s customer needs are met during this period of leadership change.

Intel’s board made it clear that the leadership transition would not derail the company’s broader goals. With a strong leadership team in place, the company is committed to remaining agile, with a continued emphasis on innovation and delivering value to its customers and investors.