Intel CEO Pat Gelsinger Retires
Intel CEO Pat Gelsinger has retired, effective December 1, 2024, also stepping down from the board of directors. Interim co-CEOs are CFO David Zinsner and Client Computing GM Michelle Johnston Holthaus, who will also lead the newly formed Intel Products division.
Gelsinger's Legacy
Gelsinger's career at Intel spanned decades, starting as an 18-year-old and rising to become the company's youngest VP. He led development of key technologies like Wi-Fi and USB, and spearheaded the Intel Core and Xeon chip lines. After a stint at EMC and VMware, he returned as CEO in 2021.
Challenges and Setbacks
Gelsinger's second tenure as CEO was marked by challenges. Despite securing funding through the CHIPS Act, Intel faced setbacks including declining revenue, a failed acquisition of Tower Semiconductor, and production delays for its 18A chip manufacturing process. The company also lost potential clients like Apple, Qualcomm, and Sony. For insights into the competitive landscape, see Best Smartphone Displays of 2024.
Financial Struggles and Restructuring
Intel's financial performance suffered, culminating in a record quarterly loss in 2024. The company implemented cost-cutting measures, including job cuts and dividend reductions. Explore the current state of the smartphone market in iPhone 15 Dominates Q4 2024 Smartphone Sales.
Interim Leadership and Future Outlook
With Gelsinger's departure, interim leadership aims to streamline Intel's product portfolio, strengthen manufacturing capabilities, and optimize operating expenses. The board has initiated a search for a permanent CEO. For more on leadership transitions, consider Ex-Apple Employee Alleges Privacy Policies Hindered Job Search.