announced on Monday (2) that CEO Pat Gelsinger has retired from the company, effective immediately on December 1st.
Intel has named two interim co-chief executives while its board of directors searches for a new CEO: David Zinsner, current CFO and executive vice president of Intel, and Michelle Johnston Holthaus, current CEO of Intel Products.
Intel shares rose 5% during premarket trading.
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Intel Interim President Frank Yeary said, “Pat spent his formative years at Intel and then returned at a critical time for the company in 2021. As a leader, Pat helped launch and revitalize process manufacturing by investing in process manufacturing. cutting-edge semiconductors, while working tirelessly to drive innovation across the company.”
Gelsinger’s retirement comes a week after Intel and the Chip and Science Act office finalized a $7.86 billion grant that is expected to fund the company’s factory construction plans.
Gelsinger took over the struggling chipmaker in 2021, but the company’s situation has worsened further. Intel has faced a prolonged decline due to market share losses in its core businesses and an inability to enter the artificial intelligence market. The company’s shares are down 52% year to date.
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At the end of September, news emerged that .
