Intel confirms CEO Pat Gelsinger has left the company

Intel has confirmed the departure of its CEO Pat Gelsinger, several months after the company’s failure to profit from the growing demand for artificial intelligence (AI) chips prompted the firm to announce mass lay-offs.

The company has released a statement confirming that Gelsinger, who exited his role as CEO at VMware in early 2021 to take over the reins at Intel, retired on 1 December 2024 and has also stepped down from Intel’s board of directors.

Intel senior leaders, David Zinsner and Michelle Johnston Holthaus, have been appointed interim co-CEOs while the board of directors search for a permanent replacement.

Zinsner previously served as executive vice president and chief financial officer at Intel, while Holthaus is the CEO of the client computing, datacentre, networking and AI group that trades under the Intel Products name.

“The board has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger,” said Intel, in its statement.

Frank Yeary, independent chair of Intel’s board, will become interim executive chair as the search for Gelsinger’s successor progresses, and said the company’s focus now is on restoring investor confidence.

“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. Pat spent his formative years at Intel, then returned at a critical time for the company in 2021,” said Yeary.

“As a leader, Pat helped launch and revitalise process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.”

Even so, the company has found itself on the back foot, having struggled to keep pace with the growing demand for AI-enabling chipsets and has seen its market share decrease during Gelsinger’s tenure.

In August 2024, Gelsinger went public with the news that Intel needed to cut $10bn in capital expenditure in 2025, which will result in 15,000 jobs being lost.

“[Intel has] made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” added Yeary.

“As a board, we know first and foremost that we must put our product group at the centre of all we do. Our customers demand this from us, and we will deliver for them.”

Under the control of the co-CEOs, Intel will “act with urgency” to simplify its product portfolio and advance its manufacturing capabilities, said Yeary, and reduce its operating expenses.

“We are working to create a leaner, simpler, more agile Intel,” he said. “Ultimately, returning to process leadership is central to product leadership, and we will remain focused on that mission while driving greater efficiency and improved profitability.”

Gelsinger’s tenure as CEO at Intel was not the first time he held an executive position at the company, having previously served – before working at VMware – as CTO.

“Today is, of course, bittersweet as this company has been my life for the bulk of my working career,” said Gelsinger.

“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.”