Intel Corporation announced on Monday 2 December that its CEO, Pat Gelsinger, was retiring after a career spanning more than 40 years. The former executive has also resigned from his position on the board of directors.

“Leading Intel has been the honor of my lifetime,” said Gelsinger, who has been at the helm of the company since 2021. “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. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family.”

To ensure a smooth transition, Intel has appointed two senior leaders, David Zinsner and Michelle Johnston Holthaus, as interim co-CEOs, while the board of directors searches for a new CEO. The management structure of Intel Foundry remains unchanged and Frank Yeary, Intel’s independent chair of the board of Intel, will assume the role of interim executive chair.

“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,” said Yeary. “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 optimising our operating expenses and capital. We are working to create a leaner, simpler, more agile Intel.”

Founded in 1968, Intel is one of the world’s leading semiconductor companies. Present in Europe for over 30 years, the American company employs nearly 10,000 people.

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