Intel CEO Pat Gelsinger Retires After 40 Years; Shares Rise 5% as Zinsner and Holthaus Named Interim Co-CEOs

Dec 2, 2024, 01:50 PM

Intel announced that CEO Pat Gelsinger has retired from the company and stepped down from its board of directors, effective December 1, 2024. Gelsinger's departure marks the end of his over 40-year career at Intel, having returned to the company in 2021 to lead a turnaround plan. David Zinsner and Michelle Johnston Holthaus have been named interim co-chief executive officers, with Holthaus also appointed CEO of Intel Products, while Frank Yeary has been named interim executive chair. The company's shares rose by up to 5% in pre-market trading following the news. Gelsinger's retirement comes amid Intel's ongoing efforts to regain its footing in the semiconductor industry, particularly as it strives to compete in the AI era against dominant players like Nvidia.