Monday, December 2nd 2024

Intel CEO Pat Gelsinger Retires, Company Appoints two Interim co-CEOs

Intel Corporation (NASDAQ: INTC) today announced that CEO Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective Dec. 1, 2024. Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new CEO. Zinsner is executive vice president and chief financial officer, and Holthaus has been appointed to the newly created position of CEO of Intel Products, a group that encompasses the company's Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX). Frank Yeary, independent chair of the board of Intel, will become interim executive chair during the period of transition. Intel Foundry leadership structure remains unchanged.

The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger. Yeary said, "On behalf of the board, I want to thank Pat for his many years of service and dedication to Intel across a long career in technology leadership. Pat spent his formative years at Intel, then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company."
Yeary continued, "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. As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them. With MJ's permanent elevation to CEO of Intel Products along with her interim co-CEO role of Intel, we are ensuring the product group will have the resources needed to deliver for our customers. Ultimately, returning to process leadership is central to product leadership, and we will remain focused on that mission while driving greater efficiency and improved profitability."

Yeary concluded, "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."

Gelsinger said, "Leading Intel has been the honor of my lifetime - this group of people is among the best and the brightest in the business, and I'm honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career. 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. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family."

Throughout Gelsinger's tenure at Intel across a variety of roles, he has driven significant innovation and advanced not only the business but the broader global technology industry. A highly respected leader and skilled technologist, he has played an instrumental role in focusing on innovation while also creating a sense of urgency throughout the organization. Gelsinger began his career in 1979 at Intel, growing at the company to eventually become its first chief technology officer.
Zinsner and Holthaus said, "We are grateful for Pat's commitment to Intel over these many years as well as his leadership. We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments."

Zinsner has more than 25 years of financial and operational experience in semiconductors, manufacturing and the technology industry. He joined Intel in January 2022 from Micron Technology Inc., where he was executive vice president and CFO. Zinsner served in a variety of other leadership roles earlier in his career, including president and chief operating officer at Affirmed Networks and senior vice president of finance and CFO at Analog Devices.

Holthaus is a proven general manager and leader who began her career with Intel nearly three decades ago. Prior to being named CEO of Intel Products, she was executive vice president and general manager of CCG. Holthaus has held a variety of management and leadership roles at Intel, including chief revenue officer and general manager of the Sales and Marketing Group, and lead of global CCG sales.
Add your own comment

153 Comments on Intel CEO Pat Gelsinger Retires, Company Appoints two Interim co-CEOs

#1
Vya Domus
Yeah everyone kind of knew his time is up when he started to tweet bible quotes.

Posted on Reply
#2
phanbuey
The game of thrones over there. That culture is going to be the death of intel.
Posted on Reply
#3
RootinTootinPootin
phanbueyThe game of thrones over there. That culture is going to be the death of intel.
and the start of AMD's monopoly.
Posted on Reply
#4
usiname
Greeting for the best CEO ever

As I walk through the valley of the silicon and tech
I take a look at my company and realize there's nothin' 'lright
'Cause I've been beggin' and cryin' for so long that
Even my momma thinks that my career is gone

But I ain't never bribed an OEM that didn't deserve it
Me be treated like a bum, you know that's forever
You better watch how you coolin' and do you un'volting
Or you and your CPU might be burnt in month

I really hate to work, but I gotta scheme
As they grow, I see myself in the fallin' stocks
Fool, I'm the kinda CEO causin' them to roll when hear
Stayn' On my knees, prayin' for taiwan's sand
Posted on Reply
#5
theouto
I respect Gelsinger for attempting to undo the stagnation that Swan had caused and finally getting them out of 14nm++++++++++++. But at the same time intel's market cap kept dropping, their products remained underwhelming, the innovation was either weird or bad, never outright good, he blew the one deal with TSMC which would've been massive and ignored many issues with their cpus (Microcode being one) that would mean a disaster on their hands, a disaster that led to their cpus being virtually un-recommendable unless you felt like playing a long term lottery.

Good riddance I say, he got Intel out of the creative rut that they were in, but he still long overstayed his welcome.
Posted on Reply
#6
stahlhart
RootinTootinPootinand the start of AMD's monopoly.
Yeah, because they care so much about gamers.
Posted on Reply
#7
rv8000
Puts the company in the worst position it’s been in and “retires”. I wonder how many millions the retirement package is.
Posted on Reply
#8
phanbuey
Nvidia is coming into the CPU space, so I have a feeling gamers will be milked by a new yet familiar force.
Posted on Reply
#9
RootinTootinPootin
stahlhartYeah, because they care so much about gamers.
fanboi's are now gamers? so doing 5% innovation over the previous gen and marking/jacking up X3D chips price is caring much? and making them as paying beta testers as well?
phanbueyNvidia is coming into the CPU space, so I have a feeling gamers will be milked by a new yet familiar force
the milking goes both ways..hahaha..
Posted on Reply
#10
RandallFlagg
Vya DomusYeah everyone kind of knew his time is up when he started to tweet bible quotes.

Sparky, Gelsinger was quoting the Bible and talking about his faith long before he rejoined intel.

Posted on Reply
#11
john_
I wonder if this is an indication that his plan to make Intel a manufacturing behemoth to go against TSMC is failing. They scrapped A20, probably to focus more on A18, I wonder if A18 is also bad. If A18 was in a very good position, that alone could keep him in the CEO position. If this is also failing, then I can understand why he is stepping down.
Then again we had the 14K fiasco, the 200 Ultra fiasco, the failed attempt with ARC to get market share in discrete GPU market, the Raja server GPU that was a failure, the AURORA.....damn, they are many...
Posted on Reply
#12
Chaitanya
Too late, hopefully Intel gets its act together.
Posted on Reply
#13
docnorth
If the 18A node proves to be better than acceptable, he will be remembered as successful. If not, Intel is going to need huge pumps to drain the water out of the ship…
Posted on Reply
#14
lexluthermiester
phanbueyThe game of thrones over there. That culture is going to be the death of intel.
No it isn't. What's with the drama?
Posted on Reply
#15
Space Lynx
Astronaut
Vya DomusYeah everyone kind of knew his time is up when he started to tweet bible quotes.

must be nice being able to tweet shit like this knowing you have that golden parachute to fall back on

economics is everything, don't ever let anyone else fool you lads
Posted on Reply
#16
R0H1T
phanbueyThe game of thrones over there.
Where's our Khaleesi :slap:

Posted on Reply
#17
bonehead123
'Bout..
Friggin....
Time..........

So now the question is who can they get to fix the clusterfuck that Pattyboi reveled in, and get Intel back to it's former glory ?

As for his retirement package, well lets just say that it probably includes 6, if not 7, zeros....but IMHO should have been a big, fat ZERO !

Perhaps now there is a very short window for AMD to take advantage of the disarray & confusion that comes with a changing of the guard so to speak...IF they have anything significant that they can release quickly, either new CPU's or GPU's....anything that offers more than the pitiful, minuscule 2-5% performance increases that Intel has been offering for sooooo long :D
Posted on Reply
#18
Daven
Portents of what's to come...buyout, spin off fabs and/or other departments, leave the chip design business, etc. At age 63 and rich, he could have retired sooner but I'm sure he wanted to right the Intel ship before riding off into the sunset on a high note. He failed and probably knows something really bad is coming. Pat's got a legacy to protect so he's out before the coming storm.
Posted on Reply
#19
dirtyferret
Space Lynxmust be nice being able to tweet shit like this knowing you have that golden parachute to fall back on
I'm sure it's the same severance package the 15,000 intel employees he laid off got....right?/s
Posted on Reply
#20
Prime2515102
It's about time some good news came out of Intel.
Posted on Reply
#21
Darmok N Jalad
The thing with this industry, you pay for mistakes made years ago. Even when executing well, these designs take years to reach the market. Add in the delays because of failed nodes and poor design choices (apparently), and someone who takes over in 2021 would be lucky to turn things around in 3 years. It sure didn’t help that he had to take over for a CEO that couldn’t cut it after the previous one was canned due to a scandal. Not saying Pat didn’t make mistakes too, but the company fell into disarray at least as far back as 2019, and a ship this big can’t turn on a dime.
Posted on Reply
#22
Neo_Morpheus
RootinTootinPootinand the start of AMD's monopoly.
Unlike the Intel monopoly era, which graciously brought IPC and cores stagnation, plus the introduction to illegal tactics to kill their competitors, etc, Intel didnt really had any competition.

AMD will have a short "reign" on top, because Apple has shown that ARM (M4 are simply beasts) is a viable design and Qualcomm and Ngreedia will also bring that competition.

Hell, there are persistent rumors that even AMD will release a CPU or SOC based on ARM next year.

So no, AMD wont have a monopoly.

Talking about current monopoly that everyone seems to love, I dont hear such complains about the Ngreedia monopoly...
Posted on Reply
#23
lexluthermiester
Unlike the fanboying nonsense being displayed in some of the comments above, I think Pat did a lot of good while he was at the helm. We have the ARC GPU's, both card and IGP versions, we had the BIG/little thing which turned out decently and few other things he helped with or started. My only real complaint is that he didn't revisit the HEDT market sector, but with the challenges of the pandemic...

Pat was a positive person and he left a good mark on Intel and the world.

Enjoy retirement Mr Gelsinger! :toast:
Posted on Reply
#24
Daven
lexluthermiesterUnlike the fanboying nonsense being displayed in some of the comments above, I think Pat did a lot of good while he was at the helm. We have the ARC GPU's, both card and IGP versions, we had the BIG/little thing which turned out decently and few other things he helped with or started. My only real complaint is that he didn't revisit the HEDT market sector, but with the challenges of the pandemic...

Pat was a positive person and he left a good mark on Intel and the world.

Enjoy retirement Mr Gelsinger! :toast:
A great CEO increases market share in existing markets, successfully enters markets with no previous market presence and creates new markets with paradigm shifting innovation. A good CEO does at least one of these. Pat tried and failed in ALL three. If you don't like Intel's outcome going into the second half of the current decade, please do not blame those of us who noticed it's not going well.
Posted on Reply
#25
R0H1T
Neo_MorpheusI dont hear such complains about the Ngreedia monopoly.
That's probably because the same idjits who bought the crypto BS are now into the AI "metaverse" ~ of course the end goal is just to make money so everyone else be damned :nutkick:
Posted on Reply
Add your own comment
Dec 3rd, 2024 14:53 EST change timezone

New Forum Posts

Popular Reviews

Controversial News Posts