When you purchase through links on our site, we may earn an affiliate commission.Heres how it works.
Intel just announced the retirement of Pat Gelsinger, who served as the company’s CEO until today.
Intel stock isup5% less than an hour after the former CEO’s retirement was announced.
Intel CEO Pat Gelsinger oversaw the company’s stock falling 52% year-to-date.
Gelsinger’s retirement and step down from the Intel board of directors was effective December 1, 2024.
David Zinsner and Michelle (MJ) Johnston Holthaus will serve as interim co-chief executive officers.
Holthaus has also been appointed to the newly created position of “CEO of Intel Products.”
Frank Yeary, current independent chair of the Intel board, will be Intel’s interim executive chair.
Pat spent his formative years at Intel, then returned at a critical time for the company in 2021.
Intel was struggling when Gelsinger became CEO in 2021 but the company has continued to struggle under his leadership.
Recently, reports emerged claimingQualcomm was interested in purchasing Intel, though that acquisition’s likelihood has since dipped.
The hottest Cyber Monday deals
More great Cyber Monday deals
