What you need to know
- Intel announced the retirement of its CEO Pat Gelsinger today.
- David Zinsner and Michelle Johnston Holthaus will serve as interim co-chief executive officers.
- Intel struggled in several areas under Gelsinger’s leadership, including sharing a loss of $1.6 billion in a recent quarter, the company having to lay off over 10,000 employees, and the floundering state of the company’s Intel Foundry business.
As a long-time tech enthusiast and investor who has closely followed Intel’s journey for decades, I must admit that I find myself feeling a mix of emotions upon hearing about Pat Gelsinger’s retirement. The man was once hailed as the savior of Intel when he returned to the company in 2021, but his tenure as CEO has been nothing short of tumultuous.
Intel recently declared that Pat Gelsinger, who had been serving as CEO since 2021, is stepping down from his position. With over three decades at Intel under his belt, Gelsinger faced a significant amount of criticism towards the end of his tenure. During his leadership, Intel experienced a challenging period marked by a $1.6 billion loss in one quarter and the announcement of job cuts affecting more than 10,000 employees. Gelsinger also played a crucial role in Intel Foundry Services, an initiative that has struggled financially and contributed significantly to the company’s financial setbacks.
Instead of reminiscing about heartwarming tales and career achievements following the retirement of tech leaders, it appears quite contrary in the instance of Gelsinger. In fact, just under an hour after his retirement was made public, Intel’s stock saw a rise of 5%.
According to reports, Brian Krzanich’s departure from the Intel board of directors, due to his retirement, will become official on December 1, 2024.
David Zinsmer and Michelle (MJ) Johnston Holthaus have been selected to act as interim joint CEOs. In addition, Holthaus will assume a new role, namely that of CEO for Intel’s Product Division.
Frank Yeary, current independent chair of the Intel board, will be Intel’s interim executive chair.
Yeary shared the following on the news of Gelsinger’s retirement:
In the name of our board, we express our gratitude to Pat for his numerous years of service and unwavering commitment to Intel during his extensive tenure in technology leadership. From his early days at Intel, Pat returned at a pivotal moment for the company in 2021. As a leader, Pat played an instrumental role in initiating and revitalizing process manufacturing by investing in advanced semiconductor manufacturing facilities, all while relentlessly fostering innovation within the company.
Yeary further added comments that reflect that Intel has “much more work to do:”
Though we’ve achieved substantial advancements in regaining our competitive edge in manufacturing and developing top-tier foundry skills, we recognize there is still a lot of ground to cover within our organization. We remain dedicated to rebuilding trust among investors.
Under Gelsinger’s tenure as CEO starting from 2021, Intel faced challenges. However, these difficulties persisted even during his leadership. More recently, speculations arose suggesting Qualcomm might consider acquiring Intel; yet, the probability of this acquisition seems to have decreased.
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2024-12-02 17:39