Pat Gelsinger has resigned from Intel after assuming the role of CEO in 2021.
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.
In a statement by Gelsinger, the departing CEO said; “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.”
Pat Gelsinger became CEO of Intel in 2021 after working at VMware. Previously, he was Intel’s CTO. Under his leadership, Intel’s prospects worsened, with stocks plunging as much as 61%. The downturn was a reflection of the company falling behind on key technological advancements.
In an announcement to investors, Intel’s Independent Chair, Frank Yeary stated; “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.”
Intel’s stock rose 3% in early trading following the announcement of Gelsingers retirement.
