On the evening of December 2, Intel Corporation (NASDAQ: INTC) announced that CEO Pat Gelsinger will retire after an outstanding career of over 40 years with the company and will step down from the board of directors, effective December 1, 2024.
Intel has appointed two senior executives, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-CEOs, while the board conducts a search for a new permanent CEO.
Zinsner serves as executive vice president and chief financial officer, while Holthaus has been appointed to the newly created position of Chief Executive Officer of Intel Products, overseeing the company’s Client Computing Group (CCG), Data Center and AI Group (DCAI), and Network and Edge Group (NEX).
Intel’s independent board chair, Frank Yeary, will serve as interim executive chair during the transition. The leadership structure of Intel’s foundry business will remain unchanged.
The board has established a search committee to diligently and swiftly identify a permanent successor to Gelsinger.
Yeary stated, “On behalf of the board, I want to express our sincere gratitude to Pat for his many years of service and dedication to Intel. Pat has been part of Intel’s growth story, and then he returned at a critical time for the company in 2021. As a leader, Pat helped kickstart and revitalize process manufacturing by investing in cutting-edge semiconductor manufacturing technologies, while tirelessly driving innovation throughout the company.”
Yeary continued, “While we have made significant progress in restoring manufacturing competitiveness and building a world-class foundry business, we know there is still much work to be done, and we remain committed to restoring investor confidence. As a board, we recognize that we must put our product groups at the center of everything we do. Our customers demand it, and we will deliver for them. With MJ formally stepping into the role of Intel Products CEO and also serving as interim co-CEO, we are ensuring that our product groups will have the resources they need to serve our customers. Ultimately, restoring leadership in process technology is at the heart of product leadership, and we will continue to focus on this mission while improving efficiency and profitability.”
Yeary concluded, “Under Dave and MJ’s leadership, we will continue to take urgent action to deliver on our priorities: simplifying and strengthening our product portfolio, enhancing our manufacturing and foundry capabilities, while optimizing our operating expenses and capital. We are working to create a more streamlined, simpler, and more agile Intel.”
Gelsinger commented, “It has been the honor of my life to lead Intel—this company is made up of the best and brightest people in the industry, and I am privileged to call them colleagues. Of course, today is bittersweet, as this company has been my life for much of my career. I can look back with pride on the achievements we’ve made together. This has been a challenging year for all of us as we’ve made tough but necessary decisions to position Intel for the dynamics of the current market. As a member of the Intel family, I will forever be grateful to the many colleagues around the world I’ve had the privilege of working with.”
Pat Gelsinger’s Career Overview
Here is a detailed work history of Intel CEO Pat Gelsinger:
Intel (1979-2009)
In 1979, Gelsinger joined Intel after earning an associate’s degree in electrical engineering from Lincoln Technical Institute. He started as a quality control technician and later held various leadership roles, including manager of the computer-aided design department, key member of the i386 and i286 chip design teams, design manager and chief architect of the i486 microprocessor, general manager of the Pentium Pro and Intel DX2 microprocessor division, and led the desktop products division, responsible for Intel’s desktop processors, chipsets, motherboards, and technology development. He also led the Intel Developer Forum.
From 1992 to 1996, he helped drive the development of Intel ProShare video conferencing and Internet communications products.
In 2001, he was appointed Intel’s first CTO and senior vice president, general manager of the Digital Enterprise Group, overseeing the development of key industry technologies such as USB and WiFi. He was the architect of the 80486 processor prototype and led the development of 14 different microprocessor projects, playing a key role in the success of the Core and Xeon product families.
EMC (2009-2012)
In 2009, Gelsinger left Intel to join EMC as president and COO, overseeing the information infrastructure product business.
VMware (2012-2021)
In 2012, Gelsinger became CEO of VMware, a cloud computing and enterprise software company. Under his leadership, VMware’s revenue doubled over eight years.
Intel (2021-2024)
Gelsinger returned to Intel on February 15, 2021, as the company’s eighth CEO. In March of that year, he announced the “IDM 2.0” strategy, which includes a global internal factory network for large-scale manufacturing, expanded use of third-party foundry capacity, and the creation of the world-class foundry business, Intel Foundry Services (IFS).
In 2021, he was appointed to the U.S. President Biden’s Council of Advisors on Science and Technology, advising Biden on the chip shortage and advocating for the passage of the CHIPS and Science Act.
In 2023, he led Intel’s investment of approximately $20 billion to build new chip manufacturing plants in Germany, expected to create 7,000 construction jobs and 3,000 production jobs.
In September 2024, he announced internal changes aimed at improving wafer fab capital efficiency, pausing the Polish chip plant project, and forming an operations committee to address Intel’s performance issues.
Source: Internet
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