Intel announced the immediate departure of Pat Gelsinger as CEO of the company and from its board of directors.
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.
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.”
- Last week, the U.S. Department of Commerce awarded Intel Corporation up to $7.865 billion in direct funding under the CHIPS Incentives Program. This investment supports Intel’s expansive U.S. growth strategy, which includes significant projects in Arizona, New Mexico, Ohio, and Oregon. The funding will be disbursed as Intel meets specific construction and production milestones across these states.
- On September 16, 2024, Intel CEO Pat Gelsinger provided an update to employees addressing the company’s direction following its Q2 earnings report. He emphasized the company’s progress in its strategic initiatives, including its partnership with Amazon Web Services (AWS) and updates on Intel’s foundry business. Gelsinger outlined several key priorities, including building on the momentum in Intel’s foundry services, enhancing efficiency, and streamlining Intel’s product portfolio, with a focus on AI and x86 technologies. Additionally, Gelsinger announced plans for greater independence for Intel Foundry, as well as updates on U.S. manufacturing initiatives and cost-saving measures.
