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Intel CEO Gelsinger Retires Amid Turnaround; Zinsner and Holthaus Named Interim Co-CEOs

Dec 2, 2024, 01:41 PM

Intel Corp. announced the immediate retirement of Chief Executive Officer Pat Gelsinger, effective December 1, 2024, amid the company's ongoing turnaround plan. Gelsinger, who has stepped down from the board of directors, is departing after more than 40 years with the company. The board has appointed Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, Executive Vice President and General Manager of the Client Computing Group, as interim co-CEOs while a search for a permanent successor is conducted. Frank Yeary has been named interim executive chair. Following the announcement, Intel shares rose by up to 5.25% in pre-market trading.