Intel announced Monday that CEO Pat Gelsinger has retired from the company, effective Dec. 1.
Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as Intel's interim executive chair.
Intel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Longtime board member Frank Yeary will serve as Intel's interim executive chair. Shares of Intel were up nearly 4% Monday morning.Yeary, Intel's longest-serving board member, will now have to preside over yet another CEO search process.
Gelsinger set out an audacious plan when he arrived in 2021 to transform the languishing company into a chipmaking juggernaut. He sought to achieve parity with the two leading chipmakers, Samsung and Taiwan Semiconductor Manufacturing Company. He pursued big buildouts in the U.S. and around the world, a costly endeavor that weighed heavily on Intel's free cash flow and increased the company's debt load.
Gelsinger also moved to position the company as vital to U.S. national security. He won a multi-billion dollar contract with the Department of Defense to build secure chips, and in meetings with analysts and prospective customers stressed that Intel was a trusted partner to the U.S. government.
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