Intel CEO Pat Gelsinger has retired after more than four decades with the company and resigned from the board of directors effective December 1, 2024. He rejoined the company as CEO in February 2021, replacing Bob Swan to turn around the chipmaker that was already in difficulties, an effort that has not been achieved. It didn't go as planned. It has largely missed the ai boom that fueled Nvidia's rise, failing to release new technology on time and struggling with recent CPU instability issues.
During a 2022 interview with DecoderGelsinger said, “Not only do we have to rebuild the internal culture and execution, but we also have to rebuild the trust of our customers.” Recent rumors suggested that Qualcomm was considering acquiring Intel, but interest appears to have cooled.
For now, Intel Chief Financial Officer David Zinsner and Intel Chief Product Officer Michelle Johnston Holthaus will serve as co-CEOs while the board searches for a new leader. Frank Yeary, independent chairman of Intel's board of directors, will assume the role of interim CEO.
“Leading Intel has been the honor of my life – this group of people is among the best and brightest in the business, and I am honored to call each and every one of them colleagues,” Gelsinger said in the press release. . “Today is, of course, bittersweet, as this company has been my life for most of my working career. I can look back with pride and see all we have accomplished together. “It has been a challenging year for all of us as we have made difficult but necessary decisions to position Intel in the current market dynamics.”
