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.
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 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.
169 Comments on Intel CEO Pat Gelsinger Retires, Company Appoints two Interim co-CEOs
Big little didn't save Core, but did get into a lot of issues; scheduling most notably, but even more so: degradation on chips. One could say big little enabled this, as it enabled Intel to keep pushing their old designs even further past expiry date. At the same time, Pat has not had the courage to just stop releasing for a while and actually get back to the drawing board for something truly new. The train had to keep rolling. That's a CEO decision and it basically put Intel in an even worse position.
Arc did not materialize into any kind of footing on the GPU market yet, at best it serves now to keep their IGPs somewhat current, but they did that without Arc, too. We're hoping the next release of Arc will 'do something' in the entry level dGPU space. That's... not much.
IFS thus far is a catastrophic failure and again: 20A is not materializing, 18A is a big question mark.
Share price:
So yeah... fantastic, such a positive person, who managed to shed 60% of Intel's share price in his amazing reign.
As i've said, intel cannot stop fucking up in all the fronts, the division that didn't fuckup got sold (like storage, and even then they discontinued 3d Xpoint which was an terrific technology totally disruptive and could've been perfect for consumer if they got the cost down)
www.servethehome.com/pat-gelsinger-out-as-intel-ceo/
He's easily been one of the worst CEOs the company has ever had.
It sounds like you're just trying to cope for some weird reason.
Intel missed out on smartphones and tablets.
Intel missed out on Apple computers.
Intel missed out on cryptocurrency.
Intel missed out on data center GPUs.
Intel missed out on foundry leadership.
There is not one single product rumored or on an official roadmap in the near and far future that would return Intel to competitiveness much less market dominance.
And before anyone says this is a cycle, or Intel will turnaround or they are too big to fail, please explain how they plan to beat Nvidia at GPUs, Apple at SoCs, AMD at gaming and TSMC at both fab node advancement and procuring third party customers for IFS.
i'm still waiting for cheap 2nd/3rd hand DC P5800X drives
+ Irony apart, who are you to judge merit here? Nobody.
Raja Koduri was probably the industry's biggest hypeman for GPUs, I kid you not. Literally every GPU feature was hyped to hell-and-back under Raja. I'm not surprised he continued that streak into Intel.
Raja seems to be reasonably decent at GPU design. But always take his hype for... well... hype. Take with many grains of salt.
Good luck to them. They seem a tad overwhelemd.
P.S.: I don't like the situation either.
Putting all your bets on the most long-term strategy you could possibly pick (building new fabs) whilst you're losing market share, are years behind in efficiency and losing profitability in every sector is suicidally stupid. All they had to do is focus on the most short-term strategy that they could pick -- bring out a killer new CPU architecture like AMD did, put a roadmap together to keep improving on it and then focus on their GPU architecture -- with all fab expansion plans being placed last in the pipeline only if/once their new node is ready. Building fabs for a company that can't refresh its already existing architecture without colossally screwing up (with oxidation, degradation and ring bus failures) and which is paying through the nose to not use their own fabs is as dumb as if WeWork with all of their vacant offices during the lockdown suddenly decided to build additional offices of their own in preparation for the lockdowns lifting. You can't be taking out new long term debt when your current short term business model is crumbling by building new fabs in preparation for some pie-in-the-sky dream when your current ones have no customers, can't manufacture or design decent hardware of their own and can't even produce decent yields at anywhere near comparable costs to other fabs.
The board of directors that approved this strategy of his should be sacked ASAP for Intel to have any chance of surviving.