Intel CEO Pat Gelsinger has retired after a career spanning more than 40 years, with David Zinsner and Michelle Johnston Holthaus named as interim co-CEOs. Gelsinger, who first joined Intel in 1979 and was the company’s first chief technology officer, returned as chief executive in 2021. He also stepped down from the company’s board, with Intel announcing that a search for a new CEO will be conducted.
Zinsner, currently the executive vice president and chief financial officer at Intel, and Holthaus, who was appointed as the CEO of Intel Products, which includes various groups within the company, will serve as interim co-CEOs. Frank Yeary, independent chair of Intel’s board, will become interim executive chair. Yeary praised Gelsinger for his leadership, highlighting his role in revitalizing semiconductor manufacturing and driving innovation within the company during his tenure.
The Biden administration recently announced plans to reduce part of Intel’s $8.5 billion in federal funding for computer chip plants across the country. This reduction is a result of Intel also receiving $3 billion to provide computer chips to the military. President Joe Biden had previously announced an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans in March. The changes to Intel’s funding are not linked to the company’s financial performance or milestones.
Last August, Intel announced plans to cut 15% of its workforce, or about 15,000 jobs, as part of efforts to restructure and improve its business. The company has been working to address challenges and turn its business around, including investing in state-of-the-art semiconductor manufacturing and focusing on innovation. The reduction in federal funding is a separate development from these internal efforts and is related to the additional funding Intel received to provide computer chips to the military.
Intel will be conducting a search for a new CEO to succeed Gelsinger, who has left a lasting impact on the company during his time as chief executive. Zinsner and Holthaus will serve as interim co-CEOs as the company transitions to new leadership. Despite the changes in leadership and funding, Intel remains focused on its core mission of semiconductor manufacturing and innovation, as it continues to navigate the challenges and opportunities in the technology industry.
